South Grafton Shopping Centre sells for $5.8 million
SOUTH Grafton neighbourhood shopping centre, anchored by a Bi-Lo Supermarket, has sold for $5.8 million.
The sale of South Grafton Shopping Centre to a Sydney-based private investor was negotiated by Ben Stewart of Knight Frank, on behalf of Denison Funds Management, as responsible entity of Metro Property Syndicate.
The property, prominently located on Bent Street South Grafton, has a total lettable area of 3,297sq m.
In addition to Bi-Lo Supermarket, the centre houses Guardian Pharmacy and six additional specialty shops with car parking for some 162 vehicles.
The un-enclosed centre was originally built in 2002 and is well-established as a convenience retail offering for local residents in surrounding areas.
The property features significant frontage to passing trade and additional frontage to Bligh Street which also provides a second entry and exit point in to the centre.
Mr Stewart said South Grafton Shopping Centre presented a well-located, secure retail investment opportunity, underpinned by a high performing supermarket with value add potential.
"There continues to be strong interest from purchasers for convenience based retail investments such as this. The culmination of lower borrowing costs and somewhat limited supply of quality centres has resulted in competitive offers for some vendors" he said.
He said the sale reflected an initial passing yield of 10.68 per cent.