The Gance and Verocchi families behind Chemist Warehouse have purchased one of their Perth stores’ buildings for $8.8 million.
The Gance and Verocchi families behind Chemist Warehouse have purchased one of their Perth stores’ buildings for $8.8 million.
Spanning 1,856 square metres, the retail assets at 1425-1427 Albany Highway is home to tenants Chemist Warehouse Cannington South and Adore Home Living.
The purchase was made through 1425-1427 Albany Highway Cannington Pty Ltd.
Victoria-based Damien, Jack and Samual Gance, alongside Marcello and Mario Verocchi, and Mario Tascone, are shown in Australian Securities and Investments Commission documents as directors of the company.
Properties & Pathways sold the site to the families for almost double its 2009 purchase price.
RP Data shows the Subiaco-based commercial property syndicator had bought the Albany Highway properties, which reside close to Westfield Carousel, for $4.6 million through Albev Investments Pty Ltd.
Cygnet West retail agency head Ahmad Ibrahimi negotiated the recent sale and said the deal set a benchmark for this year.
“As the first commercial transaction of this calibre to settle in 2026, it provides a clear indication of the strength we expect to see across the retail investment market this year,” he said.
Mr Ibrahimi said the sale signified confidence in the retail sector.
“As the first commercial transaction of this calibre to settle in 2026, it provides a clear indication of the strength we expect to see across the retail investment market this year,” he said.
Last year, the Chemist Warehouse founding families purchased a Hay Street Mall building from ISPT.
The acquisition was made through the company 705-711 Hay Street Perth Pty Ltd, according to RP Data.
The directors of the company matched those of the latest Cannington deal with the addition of Dalkeith’s Sunil Narula, ASIC records show.
Sunil, also known as Sunny Narula, last year emerged as a big player in the $8.8 billion merger of Chemist Warehouse and ASX-listed Sigma Healthcare.
Business News revealed Mr Narula, a Chemist Warehouse franchisee, held a $500 million stake in pharmaceutical wholesaler Sigma.
