INTERESTED bidders have just over two weeks to register their interest for a shopping centre the current owner hopes will attract more than $20 million.
The Summer Centre was refurbished five years ago by PrimeSpace Property Investment but the company went into liquidation in 2015.
Brokers CBRE Investments are acting on behalf of the mortgagee.
“Now is a good time to put it on the market,” assistant director Nick Willis said.
“We have received broad national interest in the opportunity noting the centre’s strong performance, diversity of income and value add development potential.”
According to the information memorandum issued by CBRE Investments NSW, the sale would include 2.1 hectares of land, including the 5000 square-metre shopping centre and more than 2500 square metres of undeveloped land on the northeastern corner.
Two properties on Hill Street, numbers 54 and 66, are also offered for sale.
It comes with an estimated fully-leased net income of $1.6 million a year and an expected occupancy of at least 10 years, with Ashcrofts Supa IGA on a 20-year lease and Dan Murphy’s on a 15-year tenancy.
Sixty-seven per cent of the tenancies providing essential goods and services, with two vacancies at the moment.
“The centre is predominately secured by long leases to defensive non-discretionary retailers, including Dan Murphy’s and IGA Supermarket,” Mr Willis said.
The CBRE memorandum stated the Summer Centre was conveniently positioned, with three street frontages.
“This strategic CBD position cements the centre as a true convenience based neighbourhood shopping centre,” it said.
“[It] is further enhanced by the convenient car parking and thriving surrounding complementary CBD retail.”
CBRE promoted the undeveloped land, zoned B3 commercial core, as “primed for retail and mixed use development”.
“The subject site strategically adjoins the shopping centre, providing significant frontage and exposure directly onto the main car park and also Summer Street,” the memorandum stated.
“Its position provides direct access via Sale Street with convenient loading accessibility.”
The zoning would allow for boarding houses, childcare facilities, commercial premises, community and educational facilities, entertainment facilities, function centres, accommodation, medical centres, indoor recreation, registered clubs and shop top housing.
The houses on Hill Street would also allow for commercial operations.
Expressions of interest close at 2pm on Thursday, November 9.