A new freestanding Woolworths and Dan Murphy’s located in Tamworth, New South Wales, has been sold to a major Chinese investment company.
Everich International Pty Ltd has purchased the centre for close to $30 million on a sale yield of approximately 6.9 per cent.
The centre which is being developed by Zannes Bros of Moree has been sold on a fund-through basis following a sale campaign conducted through Ray White’s Andrew Schmidt and Tim Richards.
Everich was established in Shenzhen in 2000, and is a comprehensive trade service logistics provider within China.
The company is now one of China’s top 500 foreign trade enterprises with trading volumes amounting to USD$3.8 Billion in 2013.
Zannes Bros have completed a large number of shopping centres throughout regional New South Wales and will develop manage the project, with Quasar to build the centre.
The new Woolworths measures a total 4,800 square metres and will be the largest Woolworths in regional NSW - combined with the new Dan Murphy's outlet, it is expected to generate significant turnover.
The Centre is being built on the south-eastern edge of the Tamworth CBD.
Everich has significant plans to further invest in agriculture in the Tamworth region and wider regional Australia, with a view to enhancing bilateral trade in agribusiness between Australia and China.
Chairman Eric Li has established Everich Greater China Investors (Australian) Alliance Pty Ltd with a view to exploring this opportunity, with Tamworth being the base, and in keeping with the Australian Government’s desire to play a significant role in being the “food bowl” to Asia.
Chairman Eric Li has stated that he has plans to list the company on the ASX later next year to enable broader investor participation in the company’s plans within Australia.