Investor spends $13m for regional Dan Murphy’s
A Dan Murphy’s anchored investment in Shepparton, 180 kilometres north of Melbourne, has traded off market for $13 million.
The result for the 2732 square metre Wyndham Street asset built into the ex-Shepparton Co-operative Butter Factory (Google Street View image, right), also with five specialty stores, reflects a 5.76 per cent yield.
“Investors are more discerning, prioritising retail investments where there is high conviction of continued consumer demand, income preservation and attractive rental growth,” Colliers’ Tim McIntosh, who brokered the transaction, said.
The deal comes eight months since a Dan Murphy’s in Melbourne’s south east Pakenham traded to a local consortium for $14.75m – a record low yield for an asset of this type, of 2.94 per cent (story continues below).
Earlier this year, meanwhile, Charter Hall acquired two hotel investments supported by the bottle shop, in Adelaide’s Highbury and Golden Grove.
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