Blog - TGC News
HARRIS FARM BUYS IN POTTS POINT
Harris Farm Markets – an Australian grocery chain – has snapped up a strategic commercial strata space that they currently occupy at 24-30 Springfield Avenue, Potts Point for $11,750,000.
Eric Lundberg and William Shen of TGC handled the sale by an Expression of Interest campaign and secured significant interest from various parties.
“The property attracted strong interest due to the location and strength of covenant, but ultimately the Harris family were the successful purchasers,” said Lundberg.
The sale represents $11,900 per square metre, a strong rate for a sub ground retail space. Harris Farm plans to do a major refurbishment of the supermarket, in line with their recently opened Westfield Bondi store which has been trading beyond expectations.
Disposable retail dollars are expected to substantially increase in Potts Point and Kings Cross over the next 2 years, with various residential developments due for completion. Woolworths recently signed up for a second store in the area and Aldi are also keen to open a supermarket in the area but are finding it difficult to secure a 1500 sqm box.
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