Greenlite Brands has sold off a 2 level bulky goods building in Moorabbin for $21.8m.
The building was fully leased to A-grade tenants Freedom (10 years) & Barbeques Galore (5 years) and was traded on a passing yield of 5.3%.
Greenlit Brands, formerly known as Steinhoff Asia Pacific, Australia's second-largest furniture retailer. Greenlit, which also owns the Fantastic and Snooze brands, has been under increasing pressure, with losses at the company climbing ninefold to almost $300 million in 2019. In March last year the company sold a 6ha industrial facility in Eastern Creek to AMP Capital for $100m.
The property was acquired by a China based investor. Prior to marketing the property for sale, Greenlite Brands spent close to $1m on cosmetic upgrades to the building.
The Moorabbin sales was managed by Savills.
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