Commercial property in city's east could sell for up to $15 million

The freehold of the new JB Hi-FI and Officeworks, which opened in September, is being offered by Stonebridge Property Group.

The listing reveals the investment property would deliver a net income of about $811,000 annually.

The 3750-square-metre building is set on an 8107-square-metre lot and Officeworks has a seven-year lease, while JB Hi-Fi has a five-year lease.

Stonebridge agent Rorey James said it was a great investment opportunity.

"Following our successful sale of Officeworks in Shepparton for $11,610,000, we are delighted to present Officeworks and JB Hi-Fi Warrnambool," Mr James said.

"This strategically positioned investment, anchored by ASX powerhouse tenants, offers investors a rare chance to secure a premium asset in a thriving location."

Wilsons agent Mark Wilson said he believed there would be a lot of interest from national buyers in the freehold.

"It is unusual to have two ASX companies in a brand new building," Mr Wilson said.

"If you look at comparable sales at investment auctions, you would think that it would make it in the 5 to 6 per cent yield range.

"That would put an estimation at perhaps $13 to $15 million."

Mr Wilson said he wouldn't be surprised if competition even pushed it up to $16 million.

"It will most likely go to a national investor," Mr Wilson said.

"It will be looked upon favourably because of the status of the tenant and because Warrnambool is a good, strong city.

"It has a history of stability."

Expressions of interest close for the property on Thursday, May 30.

The sale follows the change of ownership for nearby Gateway Plaza.

It sold in April 2023 and was expected to fetch up to $70 million.

JB Hi-Fi and Officeworks is located close to the centre, which will add a KFC in the coming months.

The property up for grabs was built on the site of the former Motel Warrnambool and Gateway Motor Inn.