Victorian investors trade SA Woolies
Victorian investors have traded a Woolworths-backed shopping centre in South Australia’s second biggest city.
The Mount Gambier asset, 145 Commercial Road East is selling for $26.755 million.
On 1.97 hectares, it contains 5339 square metres, renovated about six years ago, also with three specialty stores.
The annual net income is $1.36m meaning the deal is being sealed at a 5.03 per cent net passing yield.
Also today we are reporting a Victorian investor paid $16.4m for a Woolworths backed shopping centre in regional New South Wales.
Woolworths Mount Gambier
Accessed via five points, the Mount Gambier site contains 267 car parks.
There is also a direct to boot drive through.
MRS Property has managed the complex for a family which held over 30 years (continues below).
It was represented for the sale by Stonebridge’s Philip Gartland and Justin Dowers.
Other interstate buyers looked in, they said.
Being in South Australia, the sale doesn’t incur stamp duty.
“Supermarkets remain the benchmark for safe haven retail investments and these two sales are consistent with that trend,” Mr Dowers added.
“In an environment where macroeconomic uncertainty continues to influence investor behaviour, we are seeing private capital gravitate toward ultra-secure, income producing assets as a defensive strategy against volatility in other sectors,” according to the executive.
“Victorian private investors in particular have long held an affinity for supermarket investments and given how tightly held they are, many are now looking beyond their home state to secure opportunities,” he said.
Mount Gambier, about 435 kilometres south east of Adelaide’s CBD, has a greater population of c28,000.
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