Albury’s Myer Centrepoint listed with $80 million expectations
A revitalised NSW-Victoria border shopping centre anchored by Myer and Woolworths is targeting an $80 million sale following major store upgrades and new premium tenancies.
Myer Centrepoint, at 525 David Street in the heart of Albury’s CBD, has been reshaped through a leasing overhaul which property manager MA Financial Group says has lifted sales and foot traffic, and reduced vacancies.
Beauty retailer Mecca’s arrival in late July has boosted the transformation of the 1980s sub-regional centre, which is for sale via expressions of interest through Colliers Sydney’s James Wilson and Lachlan MacGillivray.
Comprising two interlinked centres across 17,749 square metres, the recent glow-up brings more than 50 shops – including Universal Store, Peter Alexander, Peter Jackson, Gazman and Lorna Jane, alongside other premium fashion retailers – and 644 parking spaces to the 2.16-hectare site. Myer is the only department store within a 130-kilometre radius.
“An incoming purchaser has the opportunity to capitalise on the momentum generated by the recent addition of Mecca, which is driving increased tenant interest from a leasing perspective,” says Wilson, head of Australian retail middle markets.
“Combined with the potential for further performance growth from the centre’s existing tenants, including Myer and Woolworths, this provides a compelling platform to grow income and enhance the overall tenant mix over time.”
Premium tenancies drive remix
According to Colliers, about 80 per cent of the centre’s tenants are not replicated at competing regional centres.
“Albury-Wodonga has a retail catchment that extends well beyond the two cities themselves,” says MacGillivray, APAC managing director, retail capital markets.
“Myer Centrepoint draws shoppers from across the wider region with a combination of major retailers and premium brands that people cannot readily find at competing centres.”
Colliers says the centre’s annual retailer turnover was $136.6 million in the year to August, including GST and forecast Mecca sales, but the agents did not provide further figures on request.
However, they say the centre’s specialty retailers generate average sales productivity of more than $13,370 a square metre, with the full-line Woolworths performing 31 per cent above benchmark, while average specialty occupancy costs sit at an “attractively low” 10 per cent.
The changes extended beyond shopfront names. MA Financial Group, which has managed day-to-day operations since 2018, says Myer has committed to a longer-term lease and upgraded its fit-out, including change rooms, customer amenities, lighting, flooring and fixtures.
Throughout the centre, refurbishments covered toilets and parents’ rooms, signage, mall furniture and landscaping. Loading bays and service areas were also refreshed, while food-court additions included Sushia, Boost Juice and Sharetea.
Regional catchment expands rapidly
The centre, about 550 kilometres south-west of Sydney and 325 kilometres north-east of Melbourne, attracts about four million visits annually and its trade area is forecast to grow from about 211,800 people to more than 253,000 by 2046.
Albury’s growth outlook is supported by its role as a regional employment and services hub, with healthcare, education and manufacturing underpinning the economy, and housing expansion focused on the city’s north-eastern growth corridor of Thurgoona-Wirlinga.
The sales campaign will test what investors will pay for refreshed centres amid strong retail property turnover.
“Australia is on track for a record year of retail transactions with just over $12.6 billion deployed in the year to date, only six per cent below the near-record full-year volume achieved in 2025, with two months still remaining,” MacGillivray says.
“This strong result is particularly notable given the scarcity of quality assets brought to market, highlighting sustained investor demand for retail property.”
The campaign follows the July listing of another local landmark, the cartoon-inspired Ettamogah Pub at Table Top, north of Albury, with an asking price of $7.5 million.
Myer Centrepoint, is for sale via expressions of interest, closing at 2pm on Thursday, November 19.
