Properties & Pathways lets, sells ex-Spotlight showroom
Properties & Pathways has flipped a regional Victorian showroom after eight months with a new eight year lease.
The asset manager had the disposal in mind when it paid $7.25 million for the then just vacated Spotlight Shepparton, at 175 Benalla Road.
“We purchased the asset while concurrently holding conversations with Amart, something our years in the retail property investment market made possible,” a spokesperson for the buyer said.
After also committing to renovate and fit out the property – with 3201 sqm – it sold last month, for $9.3m.
The buyer is a local private investor.
Amart Shepparton
Spreading 8074 sqm, 175 Benalla Rd contains 130 car parks.
More than 22,000 vehicles pass a day, according to the marketing agents, Stonebridge’s Kevin Tong, Rorey James and Justin Dowers which represented Perth-based Properties & Pathways with Colliers’ Tim McIntosh and Will Heffernan, said.
It also abuts a new large format centre – where Spotlight moved to.
Anaconda and The Good Guys are tenants there too.
A full line Bunnings and Shepparton Marketplace, anchored to Woolworths and Big W, are also in the immediate vicinity, the agents added.
Amart’s lease agreement includes fixed annual rent rises of three per cent.
With options, it can stay until 2057.
Shepparton is about 180 kilometres north of Melbourne’s CBD.
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