Two regional Commercial Freeholds sell in combined off-market deal

Two regional Commercial Freeholds sell in combined off-market deal

By Christine Steere

04-08-2019

A pair of commercial investment properties in South West Victoria have sold in above average off-market sales for the townships of Hamilton and Colac respectively.

 

The Hamilton Prince Regent Theatre, a well-known Hamilton building built in the 1920’s, and a former supermarket on the main street of Colac were sold by First National Real Estate Warrnambool commercial property specialist and Director Christine Steere, after managing the leases for both sites since 2017

 

The properties had not been for sale, but a regional, family owned business was approached by the real estate agent to acquire the sites.

 

Both sites will extend the trading opportunities for Lyal Eales Stores and complement the existing stores in the other regional locations of Maryborough, Ararat, Stawell, Castlemaine and St Arnaud, widely known as ‘the ultimate, Australian-owned providers of camping, fishing and outdoors gear for the avid, adventurous Australian.’

 

The sale price was not disclosed but based on past sales in both locations, the Vendor’s asking price was above average. 

 

“The Vendors had not intended to release the two investment properties this early. However, they decided to exit on the basis that the terms negotiated with Mr [Lyal] Eales were very fair and the sale will ensure that the iconic theatre in Hamilton and the retail store in Colac will be placed into the hands of a terrific Victorian family,” agent Christine Steere said.

 

Lyal and Joy Eales said the acquisition would enhance their organisation’s productivity by introducing their products into the Western District in what they envisage to be a growth area.

 

“The acquisition will allow us to expand our operations and support our objective of supplying a vast array of stock for our customers.  Along with our camping, fishing and outdoors merchandise, we also stock tools, automotive, workwear, homewares, kitchen wares, gardening, hardware, heavy machinery, RV camping and portable refrigeration.  Our locally made camper trailer manufacturing business know as Goldfields Campers also provides local employment and opportunity for adventure.

 

After taking possession of the properties in late August, the two stores will receive renovations and a store refit. We plan to open Colac first, followed by the Hamilton shop.  Both will be open in time for the Christmas trading period.” Mr Eales said.

 

Ms Steere said the Hamilton site included two retail tenancies on secure leases, formerly confectionary shops in the days of the Prince Regent. 

 

“Given the quality of this family owned business, and the popular merchandise offered from their style of operations, this is a fantastic opportunity for customers in the district looking for variety, choice and also equally as important, to support an employer of locally employed staff.  This action shows great retail confidence in our region and is of significant importance to our regional towns”, Ms Steere said.