Historic Mate’s Centre sold

Mate’s Centre started taking shape in 1900.

A Melbourne investor has purchased the Mate’s Centre, at the New South Wales border town of Albury.

Developed in 1900 – but misleading for having 1850 inscribed on it (which was the year the business which developed it, TH Mate’s, was established) – the asset fetched $16.8 million.

Mate’s Centre, at the south east corner of Dean and Kiewa streets.

Based on the fully let market rent, that reflects an 8.7 per cent yield.

On the passing return, this is 7.4pc.

Stonebridge’s Rorey James, Phil Gartland and Michael Collins with LJ Colquhoun Dixon’s Andrew Dixon represented the vendor syndicate, WMK, which paid Proton $12.45m in 2011 – a year after it passed in for $13m.

Mate’s Centre

On 4331 square metres at 569 Dean Street, on the south east corner of Kiewa, the four level commercial and retail complex replaced the town’s National School.

It also has connections to the founding of the Liberal party in 1944 (story continues below).

Proton was responsible for the last major renovation about 15 years ago, attracting JB Hi Fi and Lincraft – which still occupy.

TK Maxx and Cheap as Chips also rent spaces within the 9128 sqm centre.

“Given the…number of specialty shops (10) without an anchor, this result is a great outcome for Albury and the regional areas in general, with buyers continuing to show major confidence in the future of these towns,” Mr James said.

“Heritage buildings are not for all investors, but the purchaser understood the opportunity to fully reposition this iconic Albury building as well as the underlying land and building costs, which were above the investment value in our opinion,” Mr Gartland added.

In Victoria, the Pausewang family, which co-established Smiggle in 2003, hold significant regional assets – including in central Warrnambool where, with the Astbury’s, it is one of the biggest landlords.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.