Knight Frank Tasmania announce the exchange of an unconditional contract of sale for Riverside Plaza, Tasmania at $14.0m to a Victorian based private investor.

Riverside Plaza is a convenience-based centre anchored by a long-term lease to Woolworths Ltd and 7 retailers and is situated on an 11,531 sqm site on West Tamar Road, Riverside, approx.5.0km from the Launceston CBD.

The Centre, which is 100% leased, incorporates a refurbished Woolworths supermarket of 2,382 sqm and 7 specialty retailers, with 215 car parks. The asset is secured by a long-term lease to Woolworths Ltd to 2031 with options to 2051.

Nicholas Bond, Knight Frank Director said ‘apart from Riverside’s attractiveness to investors as a popular ‘daily needs’ Centre with an ASX backed major lease covenant and strong trading performance, the Centre has the advantage of limited direct supermarket competition in its main catchment and provides a compact and popular centre with a manageable number of speciality tenants. Confidence in the Northern Tasmanian market was evident during the campaign with Knight Frank fielding over 90 enquiries’.

The asset was sold by Knight Frank agents Nicholas Bond, Cale Ayers and Scott Newton.

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