The Shepparton Homemaker Centre, located at 288 Benalla Road, Shepparton, spans approximately 30,290m² of land, with a net lettable area of approximately 13,661m². Constructed around 2010, the centre boasts a 100% occupancy rate and offers a significant income-generating opportunity. The centre is located in a fast-emerging Large Format Retail Hub in Shepparton, and surrounded by multiple national tenants. <br><br>The property features a single-level, reinforced concrete and steel frame structure, configured in an "L" shape around a central car park accommodating approximately 341 vehicles. The site is zoned Commercial 2 under the Greater Shepparton City Council planning scheme, making it ideal for large-format retail operations. Built around 2010, the centre is modern, also likely offering good depreciation benefits.<br><br>The property generates a fully leased net passing income of approximately $1,814,083 per annum, with a gross rental income of approximately $2,337,681 and outgoing costs of approximately $523,598. The asset offers a strong rental yield (approximately 6.75% to 7%) and income stability. Yield contraction is expected over the coming 6-12 months. <br><br>It is understood from sources local to Shepparton that significant incentives were paid to secure quality tenants at the outset, and the centre has performed very well since. We also understand the rents (averaging $133/m2) are considered to be low versus the market, offering significant rental upside across the tenant mix. For example, it is expected that newer buildings such as the Spotlight Centre nearby, would be charging tenants on average around $200/m2. It would therefore be reasonable to assume that the rents for the Homemaker Centre could be around 15-20% below market. <br><br>The centre is anchored by reputable national retailers such as Fantastic Furniture, Focus On Furniture, Provincial Home Living, and Nick Scali Ltd, among others. Lease terms vary, with many tenants secured under long-term agreements, ensuring consistent rental returns. Rent review mechanisms include fixed annual increases and CPI adjustments, further enhancing income stability.<br><br>Shepparton home maker centre is located on the southern side of Benalla Road and the Midland Highway, being the major arterial roadway in the region. The location is a highlight, being neighboured by significant tenants such as Spotlight, BBQ Galore, Supercheap Auto, Anaconda – and being on the same side of the highway as the Shepparton Shopping Mall and Bunnings Warehouse. The Spotlight Centre at 115 Benalla Road was recently completed, a sign of confidence by developers and national retailers in this location. <br><br>The asset comes with an expected 50% stamp duty concession, which on this asset should generate an upfront saving of approximately $1,670,000.<br>