Located at 175 Benalla Rd, the large-format site is home to a newly opened Amart Furniture store, which began trading in May after the site was transformed from its previous use as a Spotlight.
The sale was jointly managed by Colliers Retail Middle Markets and Stonebridge Property Group, attracting more than 330 inquiries and multiple offers.
The property ultimately sold to a high-net-worth investor for $9.3 million — an increase of more than $2 million on its purchase price just eight months earlier.
Properties & Pathways bought the site vacant for $7.25 million last year before securing Amart on an eight-year lease, with options extending to 2057.
Agents involved in the sale said the property’s secured income stream, modern fit-out, and position in a core retail precinct were major drawcards.
The site spans 8,094 sq m, includes more than 130 on-site car parks, rear loading access, and is the retailer’s newest store, with the nearest other Amart more than 170km away.
Market analysts noted the result reflected a wider uplift in large-format retail, with strong tenant demand, long leases and forecast interest rate cuts boosting activity across the sector.
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