The $43.5 million sale of the plaza to Western Australian property firm, M/Group, was confirmed on Wednesday with the company announcing Best&Less would be opening its first Wodonga outlet with two already existing in Albury.

Best&Less has been signed up on 10-year lease deal.

The Wodonga purchase is the M/Group’s second regionally located shopping centre acquisition from Vicinity Centres and the company's first step into growing an asset portfolio in the eastern states.

The new plazas have split the former supermarket space with Best&Less to occupy 850 square metres with a further 1000 square metres still available.

The supermarket shut earlier this month with Woolworths opening its new store on the corner of High Street and Elgin Boulevard.

M/Group managing director, Mr Lloyd Clark said the company’s targeted approach to identifying regionally located assets with good lease covenants and value-add potential had attracted significant investment interest.

“Wodonga Plaza is a great opportunity in a great regional city that is the gateway to Victoria from NSW," Mr Clark said.

"It is currently and will continue to be the largest centre in the region and we have already secured a new 10-year lease with Best&Less with multiple other tenant negotiations underway."

Wodonga Plaza sits on about 4.4 hectares with gross lettable area of more than 17,200 square metres and two anchor tenants, Target and Coles.

Best&Less joins Amcal and Reject Shop as "mini majors" with an additional 50-plus specialty stores.

M/Group was established in Western Australia more than 15 years ago and has evolved into a property company with land, residential, construction and income producing assets.

Best&Less is a recent addition to the Mates building in central Albury after it re-opened in 2015 with Harris Scarfe as the first floor major tenant.

The company founded in 1965 in Sydney also has a store in Lavington Square shopping centre.