One of Shepparton’s most prominent sites on one of the city’s busiest thoroughfares will go up for auction on Friday, May 12.
Agent Glenn Young, of Youngs and Co Real Estate, says it presents a rare opportunity for investors to purchase a corner property on busy Benalla Rd.
The site in question sits on the corner of Benalla Rd and Fordyce St.
“It's very difficult to acquire large freehold sites on Benalla Rd,” Mr Young said.
“If you drive up and down the road, there's very, very few sites left and potentially there's nothing, it's just so hard.
“Having the corner position, it gives you your dual-entry. This property is actually in two titles, so you could amalgamate the titles if you want to have a large property or you could indeed sell off the rear parcel if you wanted to.”
The total area of the site, 7385 sq m, fronts Benalla Rd and Fordyce St, close to Bunnings Warehouse and currently occupied by the Thompson Motor Group (Hyundai, Suzuki and Mitsubishi dealerships).
The main building includes showrooms and workshop areas fronting Benalla Rd while the building at the rear (Hyundai Service Centre) is in Fordyce St.
Both titles are to be offered for sale as a whole and are leased until 2024 with an option for another 12 months.
“It's being sold as a going concern with a tenant in possession, but there is an opportunity in the not-too-distant future, should the tenant vacate at the end of 12 months or at the end of two years, to get in and redevelop the site,” Mr Young said.
The property will be auctioned on Friday, May 12 at the Parklake Hotel in Shepparton from 1pm.