Council has exchanged contracts to purchase the Muswellbrook Marketplace for a total purchase price of $34.25M.
The move, reportedly a key community desire and priority of the Town Centre Masterplan, will better connect the Marketplace with Muswellbrook’s Main Street.
Steven Lerche and Andrew Palmer of Savills marketed the property for sale on behalf of the vendor and buyer’s agent Damien Holliday of Prosper Group acted on behalf of the Council.
The income generating asset is expected to return around 6.7% of its capital value per annum for the dominant sub regional shopping centre anchored by Woolworths Supermarket and Big W.
The acquisition of Marketplace aligns Council’s primary strategic objectives of the Muswellbrook Town Centre Strategy and the Future Fund.
Council is committed to being a best practice landlord and will immediately commence engaging with tenants with a view to undertaking a significant but staged renovation of the building.
According to Lerche, “The marketing campaign generated interest from both local and interstate groups who have been looking for centres with value add opportunity."