The Albury Convenience Centre is offered for sale exclusively by JLL Retail Investments on behalf of the owner, a syndicate managed by FINDEX, a financial advisory and accounting services firm. Anchored by Harris Farm Markets’ newly opened flagship supermarket, the asset is set to attract significant interest.
The dual tenanted property is wholly leased by national retailers Harris Markets and Amart Furniture. The asset is situated on a high profile 14,250m2 corner site on Young Street (Riverina Highway) in the heart of the Albury-Wodonga region.
The newly opened retail centre is anchored by the 4,453m2 flagship supermarket by Harris Farm Markets, the latest and greatest offering in the company’s network of 29 supermarkets.
“The asset provides investors with a secure income stream, benefiting from a Weighted Average Lease Expiry (WALE) of approximately ten years,” said Stuart Taylor, Senior Director of Retail Investments at JLL.
The centre comprises a Gross Lettable Area of 9,690m2 with 224 car parks on title, with a current net income of approximately $1,847,291 p.a.
“This asset will be well sought-after as it offers incoming purchasers guaranteed income growth through fixed annual rental review as well as significant depreciation benefits, given the major redevelopment completed in 2020,” said Taylor.
Tom Noonan, Director of Retail Investments at JLL said: “The Albury asset comprises a tenant mix that has been [among] the key beneficiaries of changes in spending habits with Household Goods and Food sales in Australia growing by 17.10% and 11.60% year-on-year to December 2020.”
“An opportunity providing these types of fundamentals is typically only found with the likes of Bunnings or a freestanding supermarket investment,” said Nick Willis, Director of Retail Investments at JLL. “The Harris Farm brand is one that is synonymous with affluent inner Sydney suburbs. The fact that this location is where the brand has decided to open its largest and latest flagship store is a testament to the strength of the Albury-Wodonga catchment.”
The Albury Convenience Centre is being sold by an on-market Expressions of Interest campaign closing Thursday 22nd April.