Sat 03/06/23 – Valmorbida family sell ex-GJ Coles store to Chemist Warehouse executives

The Valmorbida family has sold the historic ex-GJ Coles Ivanhoe store, in the heart of a vibrant strip retail precinct, to executives who own Chemist Warehouse, which leases it.

On 749 square metres at 117 Upper Heidelberg Road, the c1940 Moderne building, which was 14 years ago recommended for an overlay as part of the Banyule Heritage Review, traded for $5.715 million.

The result, following an auction with five other suitors, was some 27 per cent over the ($4.5m) reserve.

It also reflects a low 2.96pc yield; Chemist Warehouse has been paying annual rent of $169,334 – a price up for review in September.

The pharmacy’s lease expires in 2026 when it will be presented with a five year option.

Gross Waddell ICR’s Michael Gross and Alex Ham represented the Valmorbida family which owns several brands including Conga Foods and Sirena – the latter which recently leased a premium historic Elizabeth St office for its headquarters.

National Retail Group’s Michael Spektor acts for Chemist Warehouse – held by amongst others the Gance, Tascone and Verrocchi families – which has in recent months been the subject of a float.

Chemist Warehouse stamps presence at Ivanhoe

Diagonally adjacent to Ivanhoe Plaza at its rear, where it has a second street frontage, 117 Upper Heidelberg Rd contains 415 sqm and eight open-air car parks.

Chemist Warehouse has occupied for eight years.

Prior to 2010, the property was split as two tenancies, one rented to now redundant video chain, Blockbuster.

Like many stores occupied by the pharmacy, it is opposite or near a road crossing stopped by a traffic light.

It is also close to the family owned Mount’s Pharmacy – which, like Chemist Warehouse occupies a multi-front store, but has serviced the area for more than 40 years.


Level 1, 30 Collins Street
Melbourne VIC 3000