Interstate investor buys, fills enormous Victorian ex-Spotlight
EXCLUSIVE
Properties & Pathways has quietly bought a regional Victorian ex-Spotlight after securing another major retailer to lease it.
The 3200 square metre Shepparton showroom at 175 Benalla Road, also known as the Midland Highway, cost the Perth based syndicator $7.25 million.
On 8094 sqm at the T-intersection of Zucas Lane, the haberdashery vacated in late 2023 for a tenancy up the street (115-155 Benalla Rd).
Amart Furniture will now replace it, following an off-market lease deal.
Shepparton is about 175 kilometres north east of Melbourne’s CBD.
Amart moving to town
Amart currently trades in Shepparton at 7950 Goulburn Valley Highway, Kialla – about six kilometres south of 175 Benalla Rd.
Its next facility contains 130 car parks.
In the immediate area are stores occupied by Anaconda, ARB, BCF, Bunnings, The Good Guys and Supercheap Auto (story continues below).
Shepparton Marketplace – which sold in 2022 -is also in the pocket, with a Big W.
Colliers’ Will Heffernan sold 175 Benalla Rd for an investor which paid $4.3m in 2023.
With options, Spotlight could have stayed until 2047.
Instead, it recently upsized to a neighbouring homemaker centre it built.
The deal comes 10 months since Properties & Pathways spent nearly $1m for land to expand a Brisbane medical centre it acquired not long earlier.
In September, 2023, meanwhile, the group bought a vacant seven level Perth CBD office from a syndicate including the Zorzi family and Peter Belcastro.
It also divested a Fortitude Valley, Brisbane, office, that year – banking nearly $10m.
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