A near-new retail investment in the regional town of Echuca, at the border of Victoria and New South Wales, has sold for $7.5 million.
On a 5240 square metre parcel, 161-179 Ogilvie Avenue (pictured, left) includes a two year old building tenanted to United Petroleum and Hungry Jacks.
Returning annual rent of $506,000, the property is trading to a private investor on a passing yield of about 6.7 per cent.
The two occupants have 10 years left to run on their lease.
The site is adjacent to a brand new large-format retail complex and Bunnings warehouse.
Ogilvie Avenue is the name given to the stretch of the Murray Valley Highway, which is the major thoroughfare through Echuca.
The town, on the banks of the Murray River and Campaspe River has a permanent population of about 13,000. Also a popular tourist hub, Echuca is about 220 kilometres north of the Melbourne CBD.
Colliers International’s Daniel Wolman, Anthony Kirwan, Harry Bui, with with Melcorp Commercial’s Paul Jones and Tim Spargo represented the vendor of 161-179 Ogilvie Avenue, another private investor.