Wodonga Plaza settles for $43.5 million

Perth-based property company M/Group has purchased Wodonga Plaza in regional Victoria for $43.5million.

Lloyd Clark, M/Group Managing Director said the company’s targeted approach to identifying regionally located assets with good lease covenants and value-add potential has attracted significant investment interest from those looking for more than just a passive vanilla return. 

“Every company aspires to having a network of investors that trust what they do and how they do it. We are really excited to be taking this group of loyal and new investors into the eastern states,” he said.

“Rather than target fully leased assets at capped rates of 5 percent to 7 percent, our interest is in securing properties that not only offer excellent income but also present development, refurbishment or lease re-positioning potential with the aim of achieving capital uplift as well as delivering excellent cash flow income.

"It is a similar strategic and considered approach we take across all our property activities and historically we have delivered quality investments and good returns.

“Wodonga Plaza is a great opportunity in a great regional city that is the gateway to Victoria from NSW. It is currently and will continue to be the largest centre in the region and we have already secured a new 10-year lease with Best and Less with multiple other tenant negotiations underway.

Wodonga Plaza is on a 4.4ha island site with four street frontages and gross lettable area of 17,200 sqm. Key anchor tenants include Target and Coles, with three current mini majors Amcal, Reject Shop and Best and Less, and around 55 specialties stores.