Inverell's Central Plaza is ready for the next chapter in its long-standing history in the Sapphire City, proving popular with not just local investors, but investors right across Australia.
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This move is also a historic one for Brisbane-based property fund manager, as it marks their first successful interstate expansion.
The Central Plaza was purchased for $11.3 million and will be a part of its latest unlisted property trust fund, Natgen Investment Trust IR22.
Ron Berkley at Ray White Inverell has been retained to ensure continuity of centre management.
It's the company's fourth property trust, closing fully subscribed after attracting strong demand from property investors.
Natgen told the Times that the property proved so popular, it actually was oversubscribed with interest occurring right across the country.
It offered investors a targeted distribution of 8.5 per cent per annum over a five to six-year term.
Natgen Managing Director and Responsible Manager, Steven Goakes said the shopping centre's position within a diverse regional economy made it an attractive investment.
"The COVID-19 pandemic has reinvigorated interest in strong regional economies, with population growth expected to increase in these areas," he said.
"As a significant shopping centre with a stable retail mix, Central Plaza Inverell contributes to the town's position as a retail and services hub, with the area's prosperity underpinning its growth prospects."
Natgen has committed to spending locally wherever possible, and has joined the Inverell business chamber and met with council as part of its stakeholder engagement.
The investment fund opened in February, the minimum investment amount set at $100,000.
Mr Goakes said Inverell had all the elements the company looked for in an investment that would provide a steady income.
The retention of the CBD was a plus for the town, Mr Goakes said, as was water security and the range of big employers - Boss Engineering, Bindaree Beef, IRLX at the saleyards, mining, solar and wind farms.
"This latest acquisition ticks all these boxes and we are delighted to have secured this property for the benefit of our investors."