THE Mate’s building’s first floor will be occupied for the first time since the mid-1980s with confirmation yesterday Harris Scarfe will move into the central Albury landmark.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
A $3.2 million project being proposed by Crowe Horwath’s property arm also includes redevelopment of land next door to the Mate’s building, which was previously owned by Proton Developments.
The first floor has been vacant since Venture occupied a section before closing more than two decades ago.
The deal doesn’t include the sale price of the former Proton land, which has been temporarily fenced off since before Christmas.
Another retailer, Store, has been locked in as the tenant of the first floor of the newly created building.
Major ground floor and basement tenants already include JB Hi-Fi, Trade Secret and Lincraft.
Access to shops on the first floor of the Mate’s building will be provided by lift and travelator located within the new building.
Harris Scarfe and Store are part of the Pepkor chain of shops.
Proton sold the Mate’s building in 2011 to WHK, which later changed its name to Crowe Horwath.
A year earlier the property was passed in at auction for $13 million.
Proton still owns the land next door to Target, presently used as a car park.
Albury Council approved plans in 2007 for Proton to spend $8.5 million constructing shops and offices on two levels on the land between the Mate’s and Target.
But a development deed was revoked almost 12 months ago.
Crowe Horwath lodged its development application for the revamped project yesterday.
Harris Scarfe has been locked into a long-term lease for the first floor 2750-square metre tenancy within the Mate’s building.
The new building’s ground floor is available for lease and a heritage architect will be appointed to blend it with Mate’s.
Construction will be carried out by a local builder, who is expected to be announced shortly.
Subject to approval, construction could start as early as June.
Crowe Horwath Property Securities senior manager Julie Perry said last night the entire development would enhance the retail atmosphere within central Albury.
“It is not only a great result for the region but fantastic that after so many years all levels of the building will be used,” she said.