Tweed Shopping Centre sells for millions in auction
A MAJOR shopping centre on the Tweed has been sold at auction for $4.305 million.
The Terranora Village Shopping Centre which features a tavern and a drive-through bottle shop, was sold under hammer last Friday to a local investor by Ray White Commercial Coolangatta/Tweed Heads.
Assi Dadon from Ray White said the on-site auction attracted a strong crowd, with seven registered bidders.
“We had strong interest in the shopping village, which generates a substantial passing income and has significant value-add opportunities,” he said.
“There were more than 50 enquiries during the marketing campaign and we witnessed some spirited bidding.”
The shopping centre has more than 20 tenancies, with the largest free-standing building being the Tavern and drive-through bottle shop, which is spread over three levels.
The centre also includes a range of shops and businesses, including a supermarket, child care centre, medical centre, service station, pharmacy, butcher, hairdresser and coffee shop.
Mr Dadon said the centre offers a net lettable area of approximately 4,900 sqm situated on a land area of approximately 1.94ha and is the only commercial centre in the fast growing Terranora.