Financial Advisory firm Findex has sold a Neighbourhood Convenience Centre in Albury for $29.5m.
The Centre has been acquired by Collective Capital, a Melbourne based syndicator reflecting a yield of 6.21%.
The asset is situated on a high profile 14,250sqm corner site on Young Street in the heart of the Albury-Wodonga regio, and consists of a former Bunnings Warehouse which has been converted into two tenancies.
The property is fully leased to two tenants (Harris Farm Markets and AMart Furniture) who occupy the 9,690sqm building with an average lease expiry of just under 10 years.
The Albury & Wodonga towns which straddle the NSW / VIC border combine to form Australia’s 13th largest non-capital city with nearly 95,000 residents. The push to move to the regions will see the city forecast to achieve a population of over 126,000 by 2036, reflecting an average annual growth rate of 1.64%.
Both leases have predictable annual rental escalations and each with multiple lease options. The property generates $1.85m.
The Centre was offered for sale exclusively by JLL Retail Investments.
Collective Capital has also recently acquired the former Royal Australian Mint Building in Denison Street, Canberra ACT and adds to other assets held in Frankston, Collingwood, Malvern East and Cairns.