Taree IGA sells at $7.82 million

A Ritchies Supa IGA Supermarket in Taree sold recently to a Sydney eastern suburbs family for $7.82 million.

It reflected a 7% yield – possibly a record for a regional NSW supermarket, according to the Burgess Rawson selling agency.

It is leased to 2027 with options to 2047 guaranteed by ASX listed Metcash.

With a building area of 3,126 square metres, it is adjacent to a council owned car park.

Its net income is $545,939 per annum plus GST.

The same vendor secured $1.9 million for the adjacent Manning Street retail space rented to the Reject Shop.

It was a building area of 1,000 square metres with a net income of $145,880 per annum plus GST.

The two holding sold at $6 million in 2013 when JRDM Pty Ltd bought from Morgan & Griffin Pty Ltd.

In 2013 fund manager Moss Capital, run by former Macquarie Bank director Bill Moss, acquired the Manning Mall in Taree from Mirvac for $32.6 million.

The sub-regional shopping centre in the Mid North Coast NSW town has 11,300 square metres of retail space, anchored by Target and Coles.