‘That’s gold dust’: Dean Street building snapped up for close to $3 million
STORY ACCREDITATION: The Border Mail, 10 July, 2026 | WRITER: Hana Humboldt
Simon Guest (centre) just sold the prominent Zambrero Dean Street corner lot, netting a profit of more than $500,000. He is pictured with Dixon Real Estate sales and leasing agent Tess Colquhoun and director Andrew Dixon. Picture by Phoebe Adams
From a livestock farm in Tumbarumba to a prominent Dean Street crosswalk, this farmer has seen his investment sell at auction for half a million more than he paid for it.
The Albury Zambrero building is now under new ownership, as retired Tumbarumba farmer Simon Guest sold the 461 Dean Street corner on Friday, July 10.
“My wife was looking for an alternative investment and we just happened to have a very good run with shares,” he said.
“We bought at $12 and sold for about $300!”
Mr Guest and his wife reinvested that money into the Dean Street corner in 2017, which they bought for $2.4 million.
Nine years later, the six-tenant lot sold for $2.965 million to a local businessman with close ties to the building. The auction attracted two bidders and about 15 spectators.
The high-traffic Dean Street corner lot sold on Friday, July 10, after nine years. It generates $190,782.19 in rent each year. Picture by Phoebe Adams
Mr Guest and his wife decided to sell as they look to downsize their assets in later life.
“We’ve just given our cattle and sheep farms to our kids as well,” he said.
The new owner, who asked not to be named, has lived in Albury for the past 40 years and ran successful fast-food franchises of other brands.
While he has other investments along Dean Street, he said “I haven’t got a corner, so I’m very happy”.
“The visibility with the signage – that Z on the corner, that’s gold dust, that thing,” he said.
The property sold as a going concern, with Zambrero negotiating an increase to their lease up to November 2032.
The building is also home to Kinetic Medicine and three first-floor, one-bedroom residential tenants.
Another vacant commercial tenancy next to Zambrero is set to be filled at a later date.
The five tenancies generate $190,782.19 a year in rent.
While other smaller businesses on Dean Street struggle with high rents, despite the widely marketed “high foot traffic”, Dixon Commercial Real Estate director Andrew Dixon said franchises were “very successful”.
“It’s the brand awareness … and in this instance, Zambrero provide a good product,” he said.
“They’ve got a good following and this is a landmark position, opposite the cinema centre and on a busy intersection.”