Chinese buyer secures Horsham Gateway shopping centre
Staff reporterDecember 7, 2020
The Horsham Gateway shopping centre in Victoria’s Wimmera region has been sold to a Chinese investor for $14.55 million.
The centre located at 120-124 Wilson Street, was sold by a local private developer at Horsham, a regional town halfway between Melbourne and Adelaide.
The centre is anchored by Target on a new 15 year lease.
There are six non-discretionary specialty shops, including "a bustling Snap Fitness."
It was advised has having a fully leased net income of $1,205,000pa.
The 1.21ha site comprises additional Commercial 2 zoned land that provides scope for future development.
The $12-million development created more than 250 jobs during its construction phase. Target opened in May 2013.
The quality of the Target lease covenant remains just as strong as a Woolworths or Coles supermarket, however the rent per square metre is generally substantially less, the CBRE selling agency advised.
Other recent regional retail transactions include the IGA, Nagambie at $7,800,000 reflecting a 6.11 % yield and Bunnings, Yarrawonga at $11,500,000 reflecting a 4.9% yield.