Purchase of Plaza in new chapter for town
INVERELL’s Central Plaza is ready for the next chapter in its long-standing history in the Sapphire City, proving popular with not just local investors, but investors right across Australia.
Popularity which has enabled interstate property trust, Natgen, to complete their purchase of the building. This move is also a historic one for Brisbane-based property fund manager, as it marks their first successful interstate expansion.
The Central Plaza was purchased for $11.3 million and will be a part of its latest unlisted property trust fund, Natgen Investment Trust IR22. Ron Berkley at Ray White Inverell has been retained to ensure continuity of the centre management. It’s the company’s fourth property trust, closing closing fully subscribed after attracting strong demand from property investors.
Natgen told the Times that the property proved so popular, it actually was over subscribed with interest occur-ring right across the country. It offered investors a targeted distribution of 8.5 percent per annum over a five to six-year term. Natgen Managing Director and Responsible Manager, Steven Goakes said the shop-ping centre’s position with in a diverse regional economy made it an attractive investment.
“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.”
Natgen has committed to spending locally wherever possible, and has joined the Inverell business chamber and met with council as part of its stakeholder engagement. The investment fund opened in February, the minimum investment amount set at $100,000. Mr Goakes said Inverell had all the elements the company looked for in an in-vestment that would provide a steady income.
Among key local Inverell businesses are Boss Engineering, Bindaree Food Group and Inverell Regional Livestock Exchange, while Central Plaza Inverell hosts tenants such as Regional Australia Bank, Lyon Legal, Pathology NSW and Vital Health, together with the anchor tenant of Richies Supa IGA Inverell and other businesses. “This latest acquisition ticks all these boxes and we are delighted to have secured this property for the benefit of our investors. “The retention of the CBD was a plus for the town, Mr Goakes said.