569 Dean St Albury NSW 2640
The heritage listed ‘Mates Centre’ in Albury has changed hands for close to $17M, with a Melbourne family surfacing as the successful buyer. Stonebridge Property Group together with local agent L.J Colquhoun Dixon marketed the asset via an Expression of Interest campaign which yielded 5 offers from across the country.
The Mates Centre dates back to 1850, now occupied by tenants including JB HI FI, Lincraft, TK Maxx and Cheap as Chips, providing a passing income of $1.25M per annum. The property was sold on behalf of a local syndicate who purchased the asset back in 2011.
Stonebridge Property Group’s Rorey James said, “given the buildings short 2.4 year WALE, together with the number of specialty shops (10) without an anchor, this result is a great outcome for Albury and the regional areas in general, with buyers continuing to show major confidence in the future of these towns.”
“Heritage buildings are not for all investors, but the purchaser understood the opportunity to fully reposition this iconic Albury building as well as the underlying land and building costs, which were above the investment value in our opinion”, added Phil Gartland of Stonebridge.
Michael Collins from Stonebridge Property Group together with Andrew Dixon of L.J Colquhoun Dixon were also involved in the transaction.