Top Performing IGA Investment to Go Under the Hammer
One of Australia’s best performing IGAs will go under the hammer this month as quality suburban retail assets enjoy a surge in popularity post-Covid.
Cleveland’s IGA on Bloomfield supermarket generates more than $412,000 plus GST in net rental income, annually. The property features 1,398sqm building area with its total lease expiry being 2045.
Retail leaders Tyrone and Leanne Jones, who operate eight IGAs in Queensland as the Jones and Co Grocer Group, have utilised their 25 years of experience in supermarkets to deliver an innovative shopping experience at the Ross Court store. It offers the standard FMCG staples alongside their own premium butchery, bakery, 300-line fromagerie, groceries and a fresh sushi station for a holistic shopping experience.
IGA on Bloomfield was named last year’s IGA National Store of the Year. It was also named IGA National Delicatessen and Bakery of the Year.
Mr Nicolas said neighbourhood retail assets had come into favour amongst investors in the wake of the pandemic.
“Consumers are spending more time closer to home after Covid, increasing patronage amongst quality suburban retail assets and attracting the interest of investors in the process,” said Mr Nicolas.
“The IGA on Bloomfield has set the standard for neighbourhood retail. It attracts food lovers from across the Bayside for their fine produce.
“Having such a successful tenant on a very long lease has proven to be very attractive to investors during the campaign.”
The investment has benefitted from a $2.4m cutting edge refurbishment, completed in 2020.
Ms Colquhoun said the current lease ran until 2035, with two further five-year options. The lease also benefits from CPI annual reviews.
“IGA on Bloomfield anchors the neighbourhood centre, supported by a liquor store, medical centre, gymnasium, Department of Main Road and other operators as well as a 125-space car park,” she said.
“Rarely do investors have the chance to link-up with a retail tenant that’s an innovator in their space. The IGA on Bloomfield is a multi-award winning store offering security for a savvy investor.”