Greenlite Brands Sell of Bulky Goods Asset

5 February 2020

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.