The Griffith Homemaker Centre.
THE remainder of Griffith's biggest homemaker centre is soon to be sold off after part of it was snapped up by local investors last year.
The Hometown Homemaker and Lifestyle Centre on Jondaryan Avenue is being offered for sale by expressions of interest closing March 21.
The 19,070 square-metre centre is the dominant homemaker complex in Griffith and boasts Bunnings, Fantastic Furniture, Lincraft and Repco as its draw card tenants.
The centre has been developed in three stages since 2005 and is expected to fetch more than $16 million.
The Gateway Centre also on the Jondaryan Avenue site was sold to the Caesar Group in October last year for $4.66 million: close to a million dollars less than what market analysts had predicted.
That centre encompassed Harvey Norman and BCF, with a 2500 square-metre space last vacated by Sam's Warehouse.
In addition to the existing tenants, the centre includes two surplus parcels of land with development application approval for further development that can accommodate a combination of light industrial, further bulky goods uses and fast food outlets.
Burgess Rawson agents Dean Venturato and Darren Beehag have been appointed to handle the sale.
Mr Venturato said he had seen increased activity levels and improved investor confidence in Homemaker Centre sales.
"The opportunity to pick up a strong asset at a high yield will appeal to many astute investors," Mr Venturato said.
"Its nearest competing centre is 180 kilometres away in Wagga so it enjoys a wide catchment spanning the Riverina district of some 62,000 people."
The centre also includes the cinema and bowling complex.
Mr Venturato believed the centre would attract interest from private investors, syndicates and existing owners of homemaker centres. It is being promoted with a potential net income of $2,100,000 per annum.
The owner is a Sydney-based funds management group that is looking to redeploy capital into other interests in bigger cities.
Mr Venturato said his client was "quite content" with the asset holding over time and the sale would offer the opportunity for the centre to be managed by a local investor.