Upper Hunter shopping centre trades on 6.4pc yield
EXCLUSIVE
A Coles-anchored shopping centre in the historic town of Scone – 25 kilometres north of Muswellbrook – has traded for $18.05 million.
The result for the Scone Village Food Emporium at 223 Kelly Street – the dominant neighbourhood mall in the Upper Hunter region – reflects a 6.36 per cent net passing yield.
Also with nine specialty tenancies – which the marketing agents say, collect rent about 35pc below benchmark – the asset contains 4111 square metres.
On the north west corner of Kingdon St, the site spreads 8879 sqm.
The vendor, a syndicate which paid $11m in 2015 and also refurbished, were represented by Colliers’ James Wilson and Ben Wilkinson.
The buyer is a private investor.
The deal comes three years since Racing NSW paid TAFE NSW $4m for a 17.9 hectare training facility in the area, to occupy (story continues below).
Scone Village
Scone is considered Australia’s thoroughbred capital, home to dozens of studs and breeders.
The Kelly St property was the first non-metropolitan New South Wales shopping centre to hit the market, last year, in May. It traded in November, settling the month later.
“Scone Food Emporium is anchored by a high performing full-line Coles…and a strong performing supporting tenancy mix including…Kaisercraft, Regional Australia Bank and Icebox Liquor,” the marketing agents said.
Muswellbrook is 130km north west of Newcastle.
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