Chunk of Shepparton’s retail centre for sale
A prominent shopping plaza in the heart of Shepparton, Victoria’s fifth biggest town, has hit the market.
Harris Scarfe Plaza at 190-198 Maude Street, also exposed to Fryers and Wyndham streets, is expected to sell for more than $8 million.
With 12 tenancies including first floor office and hospitality spaces, it comprises some 7,079 square metres.
The annual rent return is $796,500 with potential to grow. The fully let annual rental income (about 1,300 sq is vacant) is $905,555.
Three quarters of the rent is collected from nationals including Bendigo Bank, OPSM and Sportsgirl.
Harris Scarfe is the anchor, with a 3,414 sqm over three levels.
Zoned Activity Centre, the 3804 sqm site is one of the largest sites in the Shepparton CBD.
Aston Commercial’s Jeremy Gruzeweski, Fred Nucara and Rodney King with Gagliardi Scott’s Jayden Gagliardi and Rocky Gagliardi are the agents.
Trophy Shepparton asset
Shepparton is about 180 kilometres north of Melbourne’s CBD (continues below)
“The asset delivers both dependable income and meaningful value-add upside,” Mr Gruzeweski said.
“This is a generational opportunity to acquire a commanding Activity Centre parcel in the heart of one of Victoria’s strongest regional economies supported by agriculture, food production and consistent population growth,” he added.
About 69,900 residents called the town home in 2024, according to the executive, up from 63,800 in 2016.
“The median age is 43 indicating a balanced mix of working age population and retirees,” he said.
The employment base is c38,900 with the biggest employer health care and social assistance followed by agriculture and manufacturing, Mr Gruzewski said.
A major service hub for northern Victoria, the catchment across the Goulburn Valley is c137,000, according to the executive.
The deal comes three months since we reported the Australian Independent Rural Retailers’ headquarters at 74-76 Drummond St, Shepparton, sold.
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