THE Good Guys store is the latest central Albury property to be sold for a multi-millon dollar price.
The store at 475 Young Street has sold to an undisclosed local investor for $5.175 million represents the final transaction in the sell-off of The Good Guys’ stores previously owned by the Muir family.
Savills Australia brokered the deal for The Good Guys bulky goods store on AFR rich-lister Andrew Muir, whose father founded the business in 1952.
“Investors are desperately seeking well-located retail properties with long leases and attractive rental yields, and are prepared to look beyond the major metropolitan areas to meet their purchase objectives,” Savills’ Clinton Baxter said.
“The major banks are certainly influencing the buying market by prioritising stability of income and calibre of tenant.”
Meanwhile, a tenant for the former Thomas Jewellers building in Dean Street has been secured.
The long-time jewellery business shut its doors in December last year soon after the shop was sold for an undisclosed price.
AW Commercial Real Estate agent Scott Mann confirmed homewares business Sheridan would be relocating from its existing Dean Street location to the larger Thomas Jewellers site.
“It’s a relocation and upsize for them,” Mr Mann said.
“They’ve been in Dean Street for six or seven years and have seen the need to secure more space.
“The building they are going into has one of the largest ground floor retail spaces in Dean Street.
“A national tenant has been secured to back-fill their existing site so overall the retail space in Dean Street has been reduced by about 700 square metres.”
Sheridan hopes to be trading from 545 Dean Street by mid-October and its replacement tenant, which can’t be revealed at present, will be operating by Christmas.
In Wodonga, the former Dare’s Fruit and Veges shop in Elgin Boulevard has sold after auction to a Melbourne investor for $695,000.