Liverpool shops change hands after 50 years
A tightly held retail precinct in the Liverpool region has sold for a whopping $17.3 million.
When the local owners of Green Valley Shopping Village put their busy strip on the market in July, it was the first time it had been up for sale in more than 50 years.
And with its selection of shops bringing in an annual net income of just over $1 million it generated plenty of buyer interest, according to CBRE’s Peter Vines.
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“There is a huge amount of infrastructure being poured in to the west, and everybody sees that as a great growth opportunity,” Vines told the Liverpool Leader.
“What’s positive about retail assets like this is they are all about consumables and services, so people will always have a constant need to be buying things like meat, and fruit and vegetables,” he says.
On a 4774sqm parcel of land along Green Valley Rd with close to 3000sqm of retail space, the complex is not anchored by a major chain store.
It has 20 speciality shops including a supermarket and deli, a bakery, newsagent, medical centre, chemist, fitness centre and a popular Chinese restaurant.
CoreLogic records reveal it was up for grabs in 2013 but was taken off the market two years later after failing to sell.
This is a huge contrast to the latest marketing campaign, which drew a number of eager parties.
Before it was snapped up this month, the CBRE listing agents had been calling for expressions of interest.
Vines says it sold to an eastern suburbs family, who felt the site presented great value for money with a yield of about 6%.