A private investor has purchased the home of Big W at 8-20 Mabel Street, Atherton from Quanta Investment Funds for $11.8 million.
The 4,482 sqm building was purpose built for Big W and has been occupied by the retailer since opening in 2006. Big W operates unopposed as the only DDS within the Main Trade Area with sales expected to grow by 1.5% per annum until 2036.
The sale is one of the largest commercial property transactions in the Tablelands region in over two decades.
“Our four-week Expressions of Interest campaign generated over 70 enquiries and seven formal offers from high-net-worth private investors, syndicates, and institutional funds”, Mr Scapolan said.
“The sale demonstrates there is continued buyer depth for regionally located, freestanding assets underpinned by strong covenants which provide income security and management benefits.”
Mr Tynan added, “The asset is strategically positioned to capture the growing population of Atherton with the Main Trade Area expenditure estimated to be $617.5 million in 2022 and forecasted to grow at an average annual rate of 3.2% to reach $953.6 million by 2036.”
Quanta Investment Funds CEO Stacey Jones said the sale achieved an outcome in the best interests of the fund and its investors.
‘We’re really pleased with the level of interest and the result of this sale. It’s been a team effort and we are very thankful to everyone involved.”