Liquor store’s $7.75 million price tag

A liquor store in Synnot Street, Werribee has sold for $7.75 million.
The First Choice Liquor Market attracted more than 20 bidders when it was sold by Burgess Rawson, at a portfolio auction last month.
Prior to the auction, Star Weekly reported that the vendors were hoping to achieve a price of around $5.5 million for the store.
The property is leased to Coles Group on a seven-year agreement with eight five-year options.
The 2543 square metre store site, with 105 metres of street frontage, returns an annual rent of $318,000.
Burgess Rawson director Billy Holderhead last month said: “Investors want single-tenanted freehold investments leased to groups such as Coles Group and it’s rare to have a fully refurbished, large-format liquor store on an important corner in Werribee.”
Mr Holderhead said the site also had “significant future development potential”, with Werribee’s population predicted to grow by 88 per cent across the next two decades.
“The Werribee CBD has been rezoned for intensive development to promote new housing and new employment opportunities with infrastructure already in place [in Werribee],” he said.