The Ulladulla Shopping Centre, anchored by an IGA and in the City of Shoalhaven, has been sold for $6.975 million reflecting a yield of 8 per cent.

The property, located at 116-118 Princes Highway, Ulladulla was sold by Steven Lerche of Savills and Michael Gilbert of Burgess Rawson to a private investor on behalf of Errol Diamond of Diamond Property Group.

With a large land area of 2148sqm, the centre is anchored by IGA and also includes four other speciality shops, including NSW Government (Roads and Maritime Services).

The anchor tenant IGA, comprises 62 per cent of the centre’s total income and is secured on a long term lease until 2021.

Positioned in the heart of the south coast holiday region, the centre services the shopping needs of Ulladulla, and the wider population of Shoalhaven.

It is on the main arterial road for the south coast of NSW running from Sydney south to the length of the coast. Princes Highway runs through the centre of Ulladulla and the area around it is the main focus of commercial and retail activity for the Shoalhaven area.

Lerche, Savills national director retail said: “This is a strong result for a regional property anchored by an IGA with four speciality shops as multi tenanted properties are generally not sought after by the traditional investors looking for single tenant retail investment property.”

The property was offered for sale by auction and with three parties bidding it was sold post auction.