Wingham Plaza Shopping Centre on the mid north coast of NSW near Taree has been sold for $10.8 million.
The property was sold to an Australian-based Taiwanese investor by Peter Tyson and Jon Tyson of Savills Retail Sales on behalf of a private Sydney-based owner.
Wingham Plaza is a single-level neighbourhood shopping centre anchored by a full line Coles supermarket, supported by one mini major, seven specialty traders and a freestanding Caltex fuel station.
The complex features an enclosed mall design and was extensively redeveloped and extended in 2009.
The property occupies a one hectare corner site at 113-123 Isabella Street bordering the main commercial precinct of Wingham.
It has a gross lettable floor area of approximately 4,366 square metres, grade level car parking for 137 vehicles and is the only neighbourhood shopping centre servicing the township of Wingham and dominates its surrounding trade area.
Jon Tyson said the property attracted a lot of investor interest due to the price point, long lease expiry profile and the fact that Coles made up close to 70 per cent of the centre’s total income.
Peter Tyson said the sale of Wingham Plaza highlights the continued strength of demand from private investors, both on-shore and off-shore, who are seeking neighbourhood class retail investment opportunities.
“Notwithstanding the healthy appetite from many of the listed property trusts for larger retail assets, private buyers continue to dominate the market for smaller neighbourhood style assets,” he said.