Shopping Centre sale tops $8m

A Victor Harbor shopping centre has changed hands for $8.05m, with the sale understood to have exceeded market expectations. The fully leased centre at 1-9 Torrens St 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 directly opposite a McDonald’s restaurant and close to Victor Central Shopping Centre, which is anchored by Woolworths, Big W and Kmart. The sale was part of a portfolio auction conducted by Burgess Rawson, with the net income of about $400,000 per year translating to a yield of 4.9 per cent. Drakes operates under a 12- year lease at the centre, which expires in 2032.