Brisbane based property fund manager Natgen recently acquired Central Plaza Inverell in New South Wales. The property is some 300km west of Coffs Harbour, or 150km to the Queensland-New South Wales border,
The $11.3 million acquisition will go into the Natgen Investment Trust IR22 and will be the company’s first trust outside Queensland.
The property offers investors a targeted distribution of 8.5 per cent per annum over a five to six-year term.
Located at the centre of town along 101-121 Byron Street, the Central Plaza Inverell comprises a Supa IGA supermarket and 15 supporting tenancies, including retail, commercial, food, medical and educational services.
The plaza is host to businesses including Regional Australia Bank, Lyon Legal, Pathology NSW and Vital Health, together with the anchor tenant of Richies Supa IGA Inverell and other businesses.
The total tenancy area is 5,365 square metres, with a weighted average lease expiry of 2.9 years.
Central Plaza Inverell is expected to benefit from a push to the regions, said Natgen Managing Director & Responsible Manager, Steven Goakes:
“The COVID-19 pandemic has reinvigorated interest in strong regional economies, with population growth expected to increase in these areas,” he said.
“As a significant shopping centre with a stable retail mix, Central Plaza Inverell contributes to the town’s position as a retail and services hub, with the area’s prosperity underpinning its growth prospects.”
Inverell is situated in the New England region of northern NSW, and benefits from a broad-based economy including agriculture, mining, manufacturing and education, with no industry sector accounting for more than 20% of employment in Inverell Shire.
Gross regional product has grown by around 3 per cent per annum since 2015, with Inverell Shire accounting for around 10 per cent of total regional output of $26.8 billion.
As seen in The Property Tribune