Geelong Shopping Centre sold for $13.9m

The Drysdale Village Shopping Centre, which is anchored by a Woolworths supermarket, has sold for more than $13.9m.

The Centre is located at 16 Wyndham Street, about 22 kilometres east of Geelong, and was owned by private investor Irving Birch and acquired by a private investor.

The single level, 3,130sqm, neighbourhood centre is located on a substantial 8,349sqm site. The tenancy profile includes the 20 year Woolworths lease (expiring 2035) and 7 speciality shops with a net annual income of circa $990,442. 

The purchase price represents a passing yield of 7.1% or $4,440/sqm of NLA.

The sale was managed by CBRE.