Private investor swoops on massive Wodonga commercial property
STORY ACCREDITATION: The Border Mail, June 19 2024 | WRITER: Beau Greenway
A two-storey commercial building on the corner of High and Huon streets in Wodonga has fetched more than $6 million. Picture supplied
A two-storey commercial building on Wodonga’s main street has sold for more than $6 million.
The property on 38-40 High Street was purchased by a NSW private investor for $6.4 million through agents Burgess Rawson, in conjunction with Border-based Dixon Commercial Real Estate, with the sale confirmed on Wednesday, June 19.
Burgess Rawson’s Beau Colter said it “highlights continued demand for high-quality commercial properties in strategic locations”.
The two-level 3811-square metre building sits on a 2811-square metre corner site with a 107 metres of frontage to High and Huon streets.
It houses Lifeforce Fitness Centre on the top level, while Independent Living Specialists, Optimum Physiotherapy and a Brazilian Jiu-Jitsu academy are among the tenants on the ground floor.
Mr Colter said the building was anchored by the Victorian Department of Education, which recently invested $400,000 in fit-out upgrades for tenants.
The property has an annual net income of $595,486, with 3 per cent rental increases.
Dixon Commercial Real Estate director Andrew Dixon said “regional Australia continued to experience boom times and Albury-Wodonga was one of Australia’s most progressive and dominant regional centres”.
“The Albury-Wodonga region continues to experience significant population and business growth and provides massive investment opportunities due to its strategic location,” he said.
Mr Coulter said Wodonga was a fast growing regional town marked by low vacancy rates and a 37 per cent increase in house prices since June 2021.
A vacant industrial site on Hovell Street in Wodonga was snapped up at auction on Friday, June 14, for $590,000. Picture supplied
Dixon Commercial Real Estate also sold a vacant industrial block on nearby Hovell Street on Friday, June 14, for $590,000 plus GST.
The 2140-square metre site, opposite Huon Distributors and close to Beaumont Tiles, has a 15-metre frontage to Hovell Street.
Mr Dixon said the land was serviced and ready for development and held industrial 1 zoning.