The Muir family, which cashed out of The Good Guys with an $870 million sale last year to JB Hi-Fi, is hoping to reap a further $130 million by selling the family's retail property portfolio.
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As foreshadowed by The Australian Financial Review last month, BRW rich lister Andrew Muir has commenced a formal on-market campaign to sell a 15-strong national portfolio of large format retail outlets leased to the electronic and white good chain.
The fully-leased portfolio of The Good Guys stores spread across Victoria, NSW, Queensland, and WA brings in combined annual rent of $9 million and could transact on an attractive net yield of about 7 per cent.
Savills selling agents Clinton Baxtor, Nick Peden and Steven Lerche are steering the campaign to sell The Good Guys Victorian stores in Bendigo, Ballarat, Geelong, Hoppers Crossing, Mildura, and Thomastown, Albury, Ballina, Bathurst, Caringbah, Coffs Harbour and Warrawong in NSW, Cairns and Ipswich in Queensland and O'Connor in WA.
Mr Muir told the Financial Review last month the family, which founded the business in 1952, had "put a lot of blood, sweat and tears into finding the best portfolio over the years and it has come up trumps for us".
"Now that we are no longer in that retail business we see that property holding as no longer being required," he said.
Mr Baxter said the portfolio could be snapped up by a single "agile" investor "given the enormous weight of capital" seeking a high-yielding portfolio or sold as separate investments. Prices start from $2.5 million to over $13 million for the retail warehouses.
He said Savills had already fielded early interest from local investors as well as inquiries from Singapore, Malaysia and Hong Kong investors.
Investors spent $6.5 billion on retail assets last year and $9.4 billion in 2015, according to Savills research.
- Larry Schlesinger, Australian Financial Review
