North Albury Shopping Centre sells for $16.5 million

Coles and Liquorland contribute to 84 per cent of the asset’s income.

The North Albury Shopping Centre has changed hands for the first time since 1982.

Vendors, locals John and Paul Colquhoun, sold the neighbourhood centre to a New South Wales based private investor for $16.5 million.

The sale price, Colliers International’s Tim McIntosh and James Wilson said, reflects a 6.21 per cent passing yield.

The campaign, launched in June, generated “exceptional levels of purchaser interest”, the agents said.

The centre is also tenanted to speciality retailers.

In Urana Road, Lavington, North Albury Shopping Centre includes 3949 square metres of lettable retail area, anchored by Coles and Liquorland which contribute to 84 per cent of the asset’s income.

The 1.24 hectare corner site, about four kilometres from the Albury CBD, is also configured with 166 at-grade car parks.

The centre was recently refurbished before being listed via an expressions of interest campaign which closed on July 18.

The Albury-Wodonga area, the border between New South Wales and Victoria, is one of Australia’s largest regional towns with a population of nearly 90,000 according to 2016 Census data.

Last October we reported that Vicinity Centres sold the Lavington Square shopping centre, in Lavington, and West End Plaza in Albury, as part of a portfolio of 11 properties which reaped it $631 million. Ten assets, including Lavington Square and West End Plaza, traded to SCentre.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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