The Albury Convenience Centre sold by JLL Retail Investments Stuart Taylor, Tom Noonan and Nick Willis on behalf of the owner, a syndicate managed by FINDEX – Financial Advisory and Accounting Services firm.

Formerly a Bunnings Warehouse, the property underwent a conversion and refurbishment completed in 2020, now providing a dual tenanted property wholly leased by national retailers Harris Markets and Amart Furniture. The asset is situated on a high profile 14,250sqm corner site on Young Street (Riverina Highway) in the heart of the Albury-Wodonga region.

The transaction was negotiated by JLL’s Stuart Taylor, Tom Noonan and Nick Willis. The property was acquired by Melbourne based investors Collective Capital for $29,500,000 reflecting a yield of 6.21%.

The newly opened retail centre comprises a Gross Lettable Area of 9,690sqm with 224 car parks on title is anchored by the 4,453sqm flagship supermarket by Harris Farm Markets.

Stuart Taylor, Senior Director of Retail Investments at JLL said “The asset received significant market interest, with investors particularly attracted to the incorporation of a Harris Farm supermarket use into a Large Format Retail asset.”

“Tom Noonan, Director of Retail Investments at JLL said “The hybrid asset comprises a tenant mix which has been the key beneficiaries of changes in spending habits, being Household Good retailers and Supermarkets”

Dale O’Dwyer, Director of Collective Capital said “We always invest in high growth locations and, in particular, properties that deliver both secure income streams and opportunities for yield uplift through the type of customer-focused design upgrades that our business has become known for. The Albury Convenience Centre ticks all those boxes and is a welcome addition to the Collective Capital portfolio”

“The sale adds to the strong run of retail investment transactions in Australia’s regions. Demand is being driven by strong retailer performance in regional areas, resulting from population movements and changing consumer habits, overlayed with a shortage of metropolitan assets being presented to market. The increased demand is translating to higher deal volumes and significant yield compression.” Taylor added.

Nick Willis, Senior Director of Retail Investments at JLL concluded “Investor sentiment for long lease assets has never been stronger, fueled by a positive interest rate environment and flight to quality.”

To request a sales analysis please contact either of the selling agents via the below contact details.