Historic Wilson & Co Store freehold hits market
The multi-tenanted Wilson & Co Store in the heart of Berry is expected to attract strong interest from investors, with income from eight tenants providing a diversified and resilient income stream.
The heritage-listed 578-square-metre, two-level building occupies a prominent position on Berry’s bustling Queen Street, It is being offered for sale at an undisclosed price, but last changed hands in 2023 for $5.3 million.
The fully leased building currently generates a net rental income of about $294,813 a year and offers an approximate yield of 6 per cent from tenants spanning retail, hospitality, beauty, health and professional services.
Constructed in 1892, the Victorian-style property operated as a general store and residence for James Wilson, and the Wilson & Co signage is still intact on the shopfront. Inside, there remain original decorative details, including cedar fittings and the grand staircase in the store’s centre.
WHK Commercial agent Shaun Baulch says interest has already been strong, and the diversity of the tenant mix – which he helped establish – is one of the property’s greatest attributes.
“One of the shops was an older retail shop and wasn’t paying outgoings and the lease was coming up to be finished,” he says. “So I put in stronger tenants with better returns, all the outgoings payable by the tenants. I just made it a little bit more appealing for an investor.”
Sustained foot traffic fuels Queen Street tenant demand
The property benefits from strong foot traffic and exposure, Baulch says.
“Anything on Queen Street has very high appeal because of the amount of foot traffic,” he says.
“It’s a really good retail position, and there continues to be strong demand from businesses wanting a presence in Berry.”
Infrastructure upgrades and South Coast tourism tailwinds
Just two hours south of Sydney, Berry has evolved into one of the NSW South Coast’s most sought-after lifestyle and tourism destinations. The historic village attracts a steady flow of visitors throughout the year, drawn by its collection of boutiques, cafes, galleries and heritage buildings.
“It’s a good little out-of-town experience for Sydneysiders and visitors to the South Coast,” Baulch says. “Berry has a strong tourism market, and that’s reflected in the demand we’re seeing from businesses wanting to operate here.”
Berry has also long benefited from travellers on their way up and down the South Coastn.
“The highway upgrade that has been completed now for a few years includes a Berry bypass,” Baulch says. “Previous to that, if you were going from Wollongong to anywhere south, you’d have to pass through Berry.”
