• $2.1m sale in auction of petrol shop, supermarket

    Border supermarket and petrol shop changes hands for more than $2 million

    STORY ACCREDITATION: The Border Mail, 10 December, 2024 | Written by: Beau Greenway

    Norris Park IGA on Union Road in North Albury sold at auction for more than $2 million on Tuesday, December 10. Picture supplied

    Norris Park IGA on Union Road in North Albury sold at auction for more than $2 million on Tuesday, December 10. Picture supplied

    A property housing a Border supermarket and petrol station built more than 30 years ago has sold under the hammer for more than $2 million.

    The Norris Park IGA and Mogas fuel station were snapped up for $2.1 million on Tuesday, December 10, after strong interest was shown in an online auction conducted by Sydney firm Burgess Rawson in conjunction with Dixon Commercial Real Estate in Albury.

    A bid of $1.95 million was put forward for the 2680-square metre freehold site to start the auction held at the Sydney Opera House.

    It was beaten by an offer of $2 million before moving to $2.025 million.

    A $10,000 rise took the price to $2.035, but it quickly moved to $2.050 million and $2.060 million.

    An extra $1000 got the property on the market at $2.1 million, where it ultimately sold.

    Norris Park IGA’s recently renewed five-year lease is in place until December 2028, with options to extend it to 2048.

    Established in 1990 before undergoing an extension in 2007, it trades seven days a week and boasts four separate fuel browsers.

    The 810-square-metre store includes groceries, liquor, takeaway food and a Hume Bank ATM. It has 106 metres of dual street frontage to Union Road and John Court and 24 on-site car spaces.

    It has an estimated annual net rental income of $164,713, plus GST.

    North Albury's Norris Park IGA, which includes a Mogas petrol station, sold at an online auction in Sydney on Tuesday, December 10. Picture supplied.

    North Albury’s Norris Park IGA, which includes a Mogas petrol station, sold at an online auction in Sydney on Tuesday, December 10. Picture supplied.

    Selling agent Andrew Dixon said it was rare to see an affordable freestanding supermarket investment come on the market.

    “It’s a long-standing proven performer within its trade catchment area,” he said.

    “Union Road is a major east-west link connecting Albury’s northern suburbs with the Hume Highway.

    “Albury-Wodonga’s population is forecast to soar by 24 per cent to more than 120,000 by 2036.

    “It is Australia’s 13th largest non-capital city, with 7673 businesses supporting 51,747 jobs.”

    Dixon Commercial Real Estate sold a former Westpac bank branch turned beauty salon on nearby Urana Road in Lavington on Friday, December 6, for $642,500.