Media release - 26 June, 2012

Rare retail opportunity in Inverell

A scarce retail investment opportunity is in reach of astute commercial investors, with the double shopfront at 72-82 Byron Street, Inverell, listed for sale by Raine & Horne Inverell for $950,000.

Located in the centre of Inverell’s CBD, the property at 72-82 Byron Street comes with 40 metres of street frontage.

“This unique retail property is built on a 2,769 sqm block, which includes approximately 1,000 sqm of retail floor space with offices, storage and all amenities,” says listing agent Dave McMahon, from Raine & Horne Inverell. 

“It is two separate buildings with rear lane access, plus 1,700 sqms of car parking, offering over 50 spaces fronting Big W.

“It is fully tenanted with the potential for future development and lease details are available for genuine enquiries,” says Mr McMahon, who confirms that investment yields of 8-9% net are achievable in Inverell.

Moreover, the town of Inverell has a growing population of 11,399, according to the 2011 census, which is a factor recognised by leading retailer Woolworths Limited (ASX: WOW) and its competitors.

“Woolworths Limited has a genuine presence with a Big W, a Woolworths supermarket, and a Caltex/Woolworths service station, while recently, a development consent was granted for a BWS liquor outlet,” says Mr McMahon.

“In addition, Bunnings, Coles and IGA are jockeying with Woolworths for the retail dollar.

“These retailers wouldn’t have established a presence in Inverell unless they held a positive view of the town’s long-term commercial potential.”

Likewise the retail precinct, restricted mostly to Byron Street and Otho Street, is tightly held, and as a consequence, Mr McMahon predicts improved commercial yields and some capital growth.

Inverell’s central location in relation to Sydney (7 hours by road), Newcastle (5 hours) and Brisbane (5 hours), according to Mr McMahon, is attracting the attention of city dwellers and also driving population growth.

“Inverell is a thriving commercial hub, which services the western edge of the New England Tablelands, and the farming sector with its mix of wheat, oats, barley, grain, sorghum and oilseed crops,” says Mr McMahon.

“In addition, Australian Bauxite Limited (ASX: ABZ) has discovered some bauxite deposits near Inverell. Bauxite is the mineral from which aluminium is derived, although exploration is still at an early stage.”

For more information about 72-82 Byron Street, Inverell, please contact Dave McMahon, Sales Consultant, Raine & Horne Inverell on 02 6722 1495 or 0428 402 671

-ENDS-

For further media information contact:

Dave McMahon, Sales Consultant, Raine & Horne Inverell on 02 6722 1495 or 0428 402 671

Andrew Harrington, National Marketing & Communications Co-ordinator on 02 9258 5400