99 Bikes in Brisbane’s Ashgrove sold for $1.11 million above its reserve following 68 bids. (Source: Stonebridge Property Group) <\/p>\n
Australia\u2019s biggest bike retailer 99 Bikes has secured a multi-million dollar windfall following the sell-off<\/a> of multiple stores. The cycling giant beat expectations at auction<\/a>, with one store selling for $1.11 million above its reserve price and fielding dozens of bids.<\/p>\n The 99 Bikes chain was started by Matt Turner, son of Flight Centre<\/a> founder and CEO Graham ‘Skroo’ Turner, in 2007 in Brisbane. While the company was initially named after the 99 bikes it could fit into its first store, it\u2019s since grown to more than 60 stores across Australia.<\/p>\n Eight 99 Bikes stores were sold at auction by agents Stonebridge Property Group, spread across Queensland, Western Australia and Victoria. The auction<\/a> attracted “strong national demand” with 336 total enquiries and 40 registered bidders.<\/p>\n RELATED<\/p>\n The portfolio sold for a total of $17,246,000 under the hammer, reflecting a blended yield of 5.26 per cent. Individual sale prices reached up to $5.61 million.<\/p>\n The portfolio brought in more than $1.61 million above reserve. The bulk of this came from 99 Bikes Ashgrove in Brisbane, which sold for $1.11 million above its reserve following 68 bids.<\/p>\n Each of the 99 Bikes stores was offered for sale individually, with new lease terms of three to 10 years.<\/p>\n Do you have a story to share? Contact tamika.seeto@yahooinc.com<\/a><\/p>\n \u201cThe sale of all eight assets and 100 per cent clearance rate at auction highlights the depth of demand for quality retail investments,\u201d Stonebridge Executive Rory Alexander said.<\/p>\n \u201cInvestors are clearly prioritising strong tenant covenants and strategically located retail positions \u2013 particularly given most assets held shorter lease terms.\u201d<\/p>\n Stonebridge executive Ian Lam said the campaign drew strong interest from local, interstate and offshore investors<\/a>.<\/p>\n \u201cNotably, over 55 per cent of the total portfolio transaction value was sold to Asian investors, reflecting the continued reach and influence of the Stonebridge Asia Practice team,\u201d he said.<\/p>\n 99 Bikes is a wholly owned subsidiary of Pedal Group, which is 47 per cent owned by Flight Centre<\/a>, with the Turner family holding around 35 per cent and employees owning the remaining stake in the business.<\/p>\n Flight Centre and the Turner family jointly engaged advisory firm Grant Samuel in September to review future ownership options for the business.<\/p>\n In a statement to the ASX at the time, Flight Centre said it intended to maintain an investment in the business and to work closely with potential partners, while considering other proposals relating to its stake.<\/p>\n The bikes business includes 99 Bikes and wholesale bike sellers, Advance Traders.<\/p>\n Pedal Group posted a $6.3 million FY25 net profit, up from a $2.16 million loss the previous year.<\/p>\n Sales revenue was $334.1 million, up 8.76 per cent from $307.2 million.<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n Eight 99 Bikes stores were sold at auction attracting local, interstate and offshore investor interest. (Source: Stonebridge Property Group) <\/p>\n
99 Bikes is a wholly owned subsidiary of Pedal group, which is 47 per cent owned by Flight Centre. (Source: Stonebridge Property Group) <\/p>\n