Verrochi and Gance consortium open for business

Chemist Warehouse owners Mario Verrochi and Jack Gance and their Home Consortium partners are preparing open the first of the converted Masters hardware stores they bought from Woolworths.

Fairfax Media reports that the roll-out is proceeding at an undisclosed location after Masters partner Lowe’s apparently dropped a challenge against Woolworths’ sale.

The site is expected to open in August or September. It is not known if Chemist Warehouse will be a tenant.

Home Consortium in 2016 secured 61 Masters stores from Woolworth in a deal reportedly worth more than $800 million.

The Consortium has previously said it has preliminary lease agreements in place for Chemist Warehouse outlets, Spotlight, Anaconda, JB Hi-Fi, Woolworths, Dan Murphy’s and Bunnings.