Blue-Chip Retail Hub in Coastal Centre

Published on: 03/05/2022

A fully leased shopping centre in Victor Harbor will go under the hammer next week as part of Burgess Rawson’s upcoming portfolio auction. The centre is anchored by a Drakes supermarket and comprises seven tenancies, including a Godfreys outlet, dental surgery, hair salon and other retail shops, plus a leased first-floor apartment with ocean views. It is located directly opposite a McDonald’s restaurant and close to Victor Central Shopping Centre, which is anchored by Woolworths, Big W and Kmart. Burgess Rawson sales executive Beau Coulter said the centre was also surrounded by important social infrastructure, including four schools.

“The property comprises seven individual tenancies, which are 100 per cent leased, with a strong combined WALE (weighted average lease expiry) of 7.67 years,” he said.

“The site has immediate access to 106 lined and sealed car spaces on title, and all tenancies enjoy an extensive awning at the shopfront providing all-weather pedestrian cover.”

Drakes operates under a 12 – year lease expiring in 2032, and the property generates a total net income of close to $400,000. Two other South Australian properties will also be up for grabs at the upcoming portfolio auction, including the home of VIP Home Services in Cowandilla. The franchise’s national headquarters offers 780sq m of office and warehouse space on Sir Donald Bradman Drive, and is 1km from the airport. A new 20-year triple net lease generates about $398,000 in net annual income, with two 10-year renewal options. Both local properties will be auctioned in Melbourne on the second day of the three-day portfolio auction event at 10am on May 11.

Giuseppe Tauriello, Adelaide Advertiser

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