THE Lavington shopping centre with a Coles supermarket as its long-term anchor tenant has been sold for $16.5 million.
The centre, which was developed by the late Paul Colquhoun in the early 1980s, also has a Liquorland outlet and chemist, butcher, hairdresser and bakery.
It was the first time the property had been offered for sale with its new owner's identity undisclosed.
IN OTHER NEWS
Albury-based agent Stean Nicholls confirmed the sale this week.
"The result reflects a highly competitive campaign which received exceptional levels of investor engagement from eastern seaboard high net worth private investors, syndicators and funds," Stean Nicholls director Geoff Stean said.
"The successful purchaser was a sophisticated NSW private investor.
"They were attracted to the centre's strong performance and potential within one of Australia's strongest non-metropolitan regional economies."
In the lead-up to being put to the market, the centre underwent refurbishment to improve its presentation and performance.
The centre fronting Urana Road is also supported by 166 carparks.
The full-line Coles supermarket and Liquorland store accounts for 84 per cent of the total centre lettable space with a further five per cent taken up by national and chain tenants.
Lavington Square and West End Plaza in central Albury were sold by Vicinity Centres for a combined figure of almost $120 million to SCA Property Group last year.