A sub-regional shopping centre on the NSW-Victoria border has hit the market with price expectations of about $80 million.
The 17,749sqm retail complex is home to a Woolworths supermarket, the region’s only Myer department store, and a mix of major tenants and specialty retailers. Myer Centrepoint generates approximately $136.6 million in annual sales and serves more than 211,000 citizens across the Riverina and Murray regions.
Colliers agents Lachlan MacGillivray and James Wilson have been appointed to sell the centre, anchored by 50 tenancies, including Mecca, Universal Store, Peter Alexander, Peter Jackson, Gazman and Lorna Jane, alongside other premium fashion retailers. The sale will be managed via an expressions of interest campaign, which will close on November 19.
Opened in 1980 as the original Myer development, the centre was expanded with the Centrepoint extension in 1985. Around 80 per cent of its tenants are not replicated at competing centres in the region, giving it a point of differentiation amid growing competition.
MacGillivray, MD, Apac, retail capital markets with Colliers, said: “Albury-Wodonga has a retail catchment that extends well beyond the two cities themselves. Myer Centrepoint draws shoppers from across the wider region with a combination of major retailers and premium brands that people cannot readily find at competing centres.”
Located about 325km north-east of Melbourne and 550km south-west of Sydney, the development occupies a prominent position in Albury’s main retail, commercial, administrative and entertainment precinct. It has been a key hub for discretionary shopping, with its retail mix strengthened by the Mecca opening in July.
The strip is also well-positioned as a one-stop shopping destination, thanks to a strong mix of fresh food retailers and essential services, Colliers added.
“An incoming purchaser has the opportunity to capitalise on the momentum generated by the recent addition of Mecca, which is driving increased tenant interest from a leasing perspective,” said Wilson, head of retail middle markets, Australia, with Colliers.
“Combined with the potential for further performance growth from the centre’s existing tenants, including Myer and Woolworths, this provides a compelling platform to grow income and enhance the overall tenant mix over time.”
Specialty retailers generate average sales productivity of more than $13,350 per sqm, exceeding the benchmark by over 30 per cent, while average specialty occupancy costs stand at around 10 per cent.
The sale comes as Albury-Wodonga’s population and retail catchment are projected to grow, with the centre’s trade area expected to expand from 211,800 people in 2026 to more than 253,000 by 2046.
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