THE freehold site of Red Cliffs Ritchies IGA supermarket has hit the market, with the $7 million price tag attracting strong interest from out-of-town investors.
Selling agent Ben Ridley said he had received nearly 80 enquiries since it was listed for sale two weeks ago.
“It’s an iconic building in Red Cliffs,” the Collie & Tierney First National director said.
“I think it’s going to end up being a decent sale, up around $7 million.
“Ritchies, who have bought out most of the Fishers IGAs, have got a long-term lease on the building which almost makes it a set-and-forget for the buyer, given the stability of Ritchies.”
The 1/13 Ilex Street site was the home of a Fishers supermarket from 1984 until it was sold to Ritchies in 2016.
Founded by Thomas Ritchie in 1870, Ritchies is one of Australia’s oldest retail chains and now has 6500 employees nationally. It is part-owned by $4 billion conglomerate Metcash.
Mr Ridley said the local commercial property market was “going from strength to strength”.
“With interest rates tipped to drop, people are going back into safe, long-term bets – and commercial property with a long-term tenant is always blue chip,” he said.
“We’re seeing more combined super funds that are coming in and purchasing. These are the big players in the market at the moment.”
Expressions of interest in the Ritchies Red Cliffs supermarket site close on Wednesday, March 20.
Meanwhile, an investor snapped up the freehold site of Sunraysia Locksmiths in Mildura’s town centre for $500,000 last week.
Tierney Real Estate director Ryan Tierney said the auction sale for 1/78 Lime Avenue was a “great result”.
“It went well above reserve and is a strong reflection that the commercial property here is in high demand,” Mr Tierney said.
“The buyer is an investor, so it will continue to operate as Sunraysia Locksmiths.”
