The home of Bernardi’s Marketplace Forbes has sold following a highly competitive on-market sale campaign – with the Bernardi family locking in a lease to continue the business the community knows and loves.

The sale, to a private investor, attracted nearly 200 enquiries and selling agents JLL say the campaign demonstrates the depth of investor appetite for freestanding retail investments.

Bernardi Group CEO Joseph Bernardi said the group was pleased with the outcome, as the sale process through to exchange was a lot faster than expected.

“We have signed a 10-year new lease with an additional 30-plus years of options to continue to trade out of the site for decades to come given our long history operating in Forbes, where Dad first started the business back in 1969,” Mr Bernardi said.

“Forbes remains very important to us both commercially and sentimentally.

“That is demonstrated by the $600,000 upgrade we recently completed to our Fresh Food & Liquor offer to bring an even better offer to our Forbes customer base.”

The sale frees up capital to push into the expanding retail side of the business, he explained.

“We have been operating smaller discount store formats in large regional markets including Tamworth, Dubbo and ACT as well as pushing into greater Sydney, central and south coasts for the last four years,” Mr Bernardi said.

“We also entered the Victorian market with several new stores in greater Melbourne earlier in the year.”

JLL agents David Mahood and Sebastian Fahey said the sale of Bernardi’s Marketplace Forbes was hotly contested, resulting in an unconditional signed contract with a private investor at the conclusion of the Expressions of Interest sale campaign.

“Generating over $40 million in underbidder capital, investors are clearly willing to compete aggressively to acquire highly defensive retail investments anchored by established and high performing operators,” Mr Mahood said.

The 5,248 sqm purpose-built supermarket features state-of-the-art facilities and distribution capability, complemented by a pharmacy tenant, and Forbes' only undercover car parking facility across a substantial 8,461 sqm freehold landholding.

"As demand for retail investments continues to strengthen as on-market opportunities remain severely limited, we're seeing unprecedented market activity with our average bids per campaign rising from four to nine,” Mr Mahood said.

“This supply-demand imbalance creates a brief window for owners to capitalise on attractive market conditions, as demonstrated by the sale of Bernardi's Marketplace Forbes."