Vicinity Centres, which has owned the plaza since 2000, confirmed the Wodonga sale and another shopping centre at Raymond Terrace on the NSW central coast in announcement to the Australian Stock Exchange on Monday.

The Wodonga Plaza sale to M/Group is expected to settle this month.

Terrace Central has been sold to Panthera Property Group for $33.5 million.

Vicinity Centres chief investment officer Mr Michael O’Brien said: “We are pleased to have agreed the sale of two non-core assets for a combined 7.7 per cent premium to their December 31, 2016 book values.”

Vicinity Centres formerly traded as a Centro which also owned the Birallee shopping complex before selling it in 2011 for a reported $14 million.

The Prime Retail Group purchased Wodonga Plaza in 1997 for $29 million and vested management of the centre in Centro in 2000.

M/Group has been approached for comment.

Last year Vicinity Centres announced an "asset divestment program", but declined to comment on specific locations.

"We don’t disclose details on sales processes," a Vicinity Centres spokeswoman said.

"Proceeds will be reinvested into value-accretive development and selective acquisition opportunities, further enhancing the quality of Vicinity’s portfolio."

The plaza is located on the former Wodonga saleyards site and opened in 1982 with a Target store and a small number of speciality shops.

It was extended in 1995.

The plaza was home to Australia's last Safeway supermarket before closing its doors earlier this month.

Safeway was the trading name for Woolworths supermarkets in Victoria with the company opening a larger store on the corner of High Street and Elgin Boulevard.

Mann Central shopping centre is nearing completion diagonally opposite and will include Wodonga's first Kmart store plus a Coles supermarket which will force the closure of the existing High Street store.

The largest, most recent commercial property transaction in Wodonga was the sale of the Homemaker Centre on Anzac Parade to Gerry Harvey for $24.6 million in late 2015.