ONE of the Tamworth CBD’s oldest shopping centres will go up for auction next month.
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Executives for The Atrium shopping centre have confirmed the centre will go before auction on Tuesday, September 19.
Citing it as “the right time”, director Bruce Read said it would be the first time the 3,658sqm centre has changed hands in a little over 20 years.
“It’s a consolidation of assets – it’s time,” he told The Leader.
“The market is really good at the moment and there have been really positive sales in Tamworth in the last year.
“There is very little product on the market in our area.”
Mr Read described Tamworth as a “vibrant and cosmopolitan city” that was attracting national interest.
He said selling agents and auctioneers had advised the centre’s owners there was “significant interest” in the centrally located centre.
“The last time it changed hands was in 1997, since then there have been a number of upgrades and refurbishments,” he said.
“Currently, we basically have full tenancies upstairs and downstairs and are showing particularly good returns.”
“The time is right, the centre is right, the economy is right and Tamworth is right – all the ducks seem to be in a row.”
Mr Read said among the attractive traits of the centre was it was currently 70 per cent self sufficient with solar power.
“It’s state-of-the-art, the computer controlled air conditioning system is state of the art,” he said.
“When we went through the refurbishment process we looked at ensuring that the centre was, and is still, as good as it can possibly get.”
The centre is listed under Burke and Smyth principal Gavin Knee who said Sydney-based agency Burgess Rawson had been engaged for the auction.
The auction will be held in Sydney next month.
Mr Knee described the sale of the centre as “rare” for the area.
“We had very strong inquiries in the first few days of it hitting our market,” he said.
“From both regional and interstate buyers as well, we have had inquiries from all states of Australia.
“The centre has been very well run and has been rebuilt.
“The owners are from Brisbane and have retired and they’re just winding up some assets.
“It’s the first time it’s been on the market since 1997.”
