Mawson Constructions has picked up the Shepparton News headquarters to redevelop.
On 6.9 hectares – zoned a mix of Commercial 2 and Industrial 3 – the property is trading for $5.25 million.
Based on the annual rent the vendor, the McPherson family, was offering – the price reflects a 2.86 per cent yield, which is particularly low for a regional town.
The buyer snapped it up before a scheduled auction.
Morley’s Andrew Morley, in conjunction with Kevin Hicks’ Andrew Pogue were the agents.
Shepparton News HQ
The purpose-built complex contains 4194 sqm – a mix of offices, warehousing and a production plant.
Mr Morley said Shepparton is regarded as the capital of both the Goulburn and Murray valleys – with a population of nearly 35,000.
“The closely settled hinterland means that the Greater municipal district (which includes Mooroopna and Tatura, as well as many smaller townships) has a population of more than 60,000,” he added.
“It is widely accepted that the retail catchment of Shepparton extends from Seymour in the south, to Deniliquin in the north, goes towards Bendigo in the west and Wangaratta in the east,” according to the executive.
“This area supports a population of approximately 180,000” (story continues below).
Agriculture, food processing and tertiary education are major local industries.
SPC Ardmona, Campbell’s Soups and in the wider district, Fronterra, Nestle, Bega, Murray Goulburn, Unilever and Snow Brand are amongst the biggest employers.
Commercial asset with a pool and dwelling
The improvements contain about 1814 sqm of offices, 1924 sqm of warehousing (accessed by four steel roller doors) and a 456 sqm loading bay.
An outdoor terrace and swimming pool, funded by the Staff Social Club, and a dwelling, is also included.
There is a large bitumen sealed car park too, while Powercor rents a substation site.
The vendor’s McPherson News publishes 12 newspapers across the Goulburn and Southern Riverina.
The family established Shepparton News in 1887.
It is output five times a week.
Mawson Constructions is local.