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A Strategic Location With Future Potential

The property at 886–888 Military Road was bought for $11.8 million by a group tied to Chemist Warehouse leaders Jack Gance and Mario Verrocchi, following their recent ASX listing. It sits just a few doors from their existing store and is currently leased to Harry Hartog Bookseller until August 2029. 

The site spans between 398 and 507 square metres and earns about $400,000 a year in rent. With a yield of 3.3 percent, it reflects strong investor confidence in Mosman’s retail market. The Verity family had purchased it for $8.6 million in 2022, showing a notable jump in value.

Signs of a Bigger Plan

Chemist Warehouse executives have been steadily snapping up prime retail spots across suburbs like Richmond, South Yarra, Brighton and Grafton. Some of these properties now house active stores, while others remain investments. 

The Mosman site follows this pattern and is zoned E1 Local Centre, allowing future development up to 11 metres. Though no post-2029 plans have been announced, industry watchers believe an expansion or relocation is on the cards.

Local Impact and Market Movement

For now, Harry Hartog Bookseller will keep trading, with no immediate changes expected on the Mosman site. Still, the sale highlights growing investor interest in the area’s tightly held retail strip. 

Agents say demand from developers and retailers remains strong, with Military Road seen as a key commercial hub. Any future redevelopment could reshape the local mix of shops and services along this busy stretch.

A Move That Reflects National Investment Trends

While centred in Mosman, the purchase reflects a wider trend of wealthy investors funnelling money into commercial real estate nationwide. Gance and Verrocchi are among those focusing on high-street sites with solid rental income and future development potential.

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In a shifting market, areas like Mosman offer steady foot traffic and a strong sense of community, making them appealing investment targets. This deal reinforces Mosman’s reputation as both a desirable suburb and a smart place to invest.

Published 10-July-2025

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