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The Village on Summer Street is up for sale; 75 percent of rent from IGA and Dan Murphy's
August 23, 2022
By Peter Holmes
One of the biggest Orange real estate deals in recent years is in play, with a 2.1-hectare shopping centre now on the market.
For sale is The Village on Summer Street, which has been recently refurbished, and adjacent development land.
The centre's retail "anchor" clients are IGA and Dan Murphy's.Other shops include a chicken shop, a nail salon, a pharmacy and a discount store. An Italian restaurant is due to open soon.
The "fully leased net income" is approximately $2.15 million per annum, while the WALE (weighted average lease expiry) is 7.3 years.
The centre earns 75 percent of its income from IGA and Dan Murphy's.
The floorplan covers more than 21,000 square metres, and there are 268 parking spaces.
The 2.1-hectare holding includes a 2,573-square-metre development site on Summer Street, where a multi-million-dollar hotel development has been proposed.
In June 2020 Orange City Council spruiked the new development in an interview with Paul Saunders, the co-owner of BMPS 88 Investments, which owns the centre.
"Paul Saunders believes this development proves how eager Sydney investors are to get into the rural market, even in uncertain times," the council report stated.
It then quoted Saunders: "The $35 million proposal comes at the right time as COVID-19 restrictions begin to ease and the tourism sector starts to get back on its feet. This proposal shows the potential pathway for future Sydney-based investors in rural New South Wales, injecting much needed funds into the Orange community.
"We fell in love with Orange right away. It is a town with great history, excellent food and extremely talented wine makers and we are really looking forward to working with the capable team at Orange Council to bring this great local gem to more Australian and international guests."
Expressions of interest close at 2pm on September 14, 2022.
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