By David Lee
ALTHOUGH the old Ritchies IGA Supermarket complex on Vaughan Street has seen better days and recent plans to redevelop the site have been put on hold, the Greater Shepparton City Council has been helping seek out a new buyer.
Members of the Shepparton community may have noticed that there has been recent demolition works carried out behind the complex, as the Greater Shepparton City Council continue to encourage the redevelopment process through to the pending auction and beyond.
General Manager Sustainable Development, Dean Rochfort said, “Greater Shepparton City Council is working with the receivers of the Vaughan Street site to locate potential buyers for the development after the previous developer was placed into receivership.
“Council’s Building Department issued a demolition permit a few weeks ago to allow for the demolition of some units located at the back of the site on Ashenden Street. This was to ensure OH & S issues were addressed,” Dean said.
Acting under instructions from Ernst & Young’s Adam Nikitins and Justin Walsh as Receivers and Managers of CBRE, commercial real estate is offering the portfolio to the market via a public ‘expressions of interest’ campaign, where buyers will have the opportunity to secure the offering on an individual or ‘one line’ basis.
Senior Associate Director of CBRE, Mark Wizel spoke with The Adviser saying the scarcity of genuine retail development opportunities in Victoria had led many developers to look at alternative asset classes in previous years.
“I expect interest from retail developers with strong past track records in retail development.
“It is very rare that a developer is offered the opportunity to acquire, via a receiver and manager sale, such a significant and de-risked development opportunity.
“Shepparton has come to be seen as a powerhouse country town within the landscape of wider Victoria. In recent years, steady rainfall has provided consistency for business and economic investment with the fruits of this expected to flow on in the coming years,” Mr Wizel said.
Public expression of interest for the property closes on Thursday, April 12 at 3pm. For further information or to express interest, contact Mark Wizel on 0411 964 756, Justin Dowers on 0438 098 805 or Mark Gratner on 0439 035 433.