Chemist Warehouse has had to fork $730,000 more than reserve for its own roof in Clayton.
The commercial site at 405 Clayton Rd fetched $2.58m under the hammer last week after competition between six bidders, with the tenant not to be beaten on price.
Ray White Commercial Glen Waverley principal Ryan Trickey said a scarcity of retail opportunities in activity centres drove the premium price for the 260sq m site.
“As more residential density comes into these activity centres the commercial assets are becoming harder to obtain,” he said.
“There’s significant civil funding for carparking, train station and hospital all within 1km is setting the property up for a strong next chapter.
“The price point is an anomaly because normally to purchase something with a Chemist Warehouse you’d need to buy something 500-600sqm, which would more like $10m, so there were many more buyers in this price range.
“It’s all the benefits of a national brand without having to outlay a larger price.”
The Verrocchi family, including businessman Mario Verrocchi who is a joint owner of the My Chemist and Chemist Warehouse groups, were among the beneficiaries of a $62.7m sale for a more than 45ha plot at 995 Ballan Rd, Manor Lakes, concluded earlier this year.
In 2019, another co-founder Jack Gance’s family splashed more than $30m on neighbouring mansions on one of Toorak’s most exclusive streets.
And last year Chemist Warehouse boss Sam Gance was revealed as the buyer of a $43m luxury mansion that obliterated Toorak’s residential price record at the time.
That record has since been almost doubled by crypto king Ed Craven’s ghost mansion buy.
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Story Credit: news.com.au