Unbelievable price tag on popular Gladstone supermarket
IF YOU have a spare $40 million lying around, you could be the owner of one of Gladstone's most popular supermarkets.
Woolworths at the Gladstone Square Valley Shopping Centre is on the market, selling agent and the director of Collier International Stewart Gilchrist said it will be "highly contested" for.
The 7,258 sqm store makes about $2.8M annually, and only recently underwent a massive revamp.
These included $5.8 million upgrades, renovations to Woolworth's interior, and other touch-ups, such as the mural on the wall facing Herbert St.
The circa price for the store is at the $40M mark, with Mr Gilchrist saying expressions of interest for keen buyers will open from April 5.
"It's CBD location, and popularity is its main selling point," he said.
"I know that carpark is always busy, but that's a good sign, it just means the supermarket is always doing well."
Mr Gilchrist said it would be a "smart and reliable investment" for any buyer, with the national franchise always in demand not only by customers but by global investors.
"It's a business that will always do well, and a result, you can see the businesses at the Gladstone Valley also do relatively well," he said.
"And the store's recent upgrade shows you Woolworth's commitment to keeping it up and running, having signed a brand new 20-year lease agreement to keep it open.
And the business isn't expected to stay on the market long.
Mr Gilchrist said he is expecting a massive response, and the store will be snapped up in no time.
"It's not common you see a Woolworths on the market, in fact it is pretty rare to see this kind of product up for sale," he said.
"The previous owner, Charter Hall, has a substantial portfolio across Australia, and is looking to divest some of its investments."
Phone Lachlan MacGillivray on 0413 053 919 or Stewart Gilchrist on 0439 034 042 for more information.