Building occupied by Stearns Showcase Jewellery sold for $1.050 million; second shop to sell for over $1 million in two months

Friday 2 March 2018

A building occupied by Stearns Showcase Jewellery has been sold for $1.050 million, but the iconic shop has no plans to move on.

 A building occupied by Stearns Showcase Jewellery has been sold for $1.050 million

A building occupied by Stearns Showcase Jewellery has been sold for $1.050 million

The property, on the corner of Queen Street and Killians Walk, was purchased by a Melbourne-based investor and becomes the second central Bendigo store to be sold for over $1 million in two months.

Stearns Showcase Jewellery in July renewed a lease on the property, which expires in 2027 and is valued at $100,000 per year, according to Fitzroys Agency director Mark Talbot.

“Investors recognised this (lease), and wanted to take advantage of the secure terms to an iconic local operator, and within a thriving regional city that is forecast to take its population from around 112,000 currently to more than 156,000 by 2036,” he said.

Mr Talbot said regional centres are increasingly attracting investors from around Australia looking for prime retail assets in busy pedestrian locations, with strong lease terms to quality tenants.

The purchase follows the sale of a Mitchell Street property for $1.57 million – again bought by a Melbourne-based investor.

The purchase was considered a shot in the arm for a shopping precinct which has been vacated by a number of businesses in recent times.

View the property, which was sold by Burgess Rawson’s Graeme Watson in conjunction with Fitzroys Ltd, here.

View the original article here.

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Written and published by the Bendigo Advertiser