Shepparton Divestment Delivers $2 Million Uplift

First repositioned; then divested with a circa $2 million uplift in value. That’s the high-level plot of our recently sold large format retail asset in Shepparton, Victoria—an 8,094 sqm property acquired just eight months ago.

We purchased the vacant 175 Benalla Road in late 2024 after Spotlight vacated the premises. By May this year, the property had been transformed into Shepparton’s newest Amart store, secured on a brand-new eight-year lease with further options extending through to 2057.

That transformation, underpinned by a strong retail covenant and quality fitout, saw the property sold in August 2025 for $9.3 million.

From vacant to value-add

Our approach was simple but effective: take a vacant site in a proven retail precinct, secure a national tenant on long terms, and create a defensive asset that appeals to a broad buyer pool.

We’re familiar with this playbook, having repositioned assets across office, industrial, and retail on several occasions throughout our 12-plus-year history—each time securing favourable outcomes for us and our co-owners.

In Shepparton’s case, we wasted no time securing the asset’s longer-term income, welcoming national retailer Amart into the premises shortly after settlement, with their store opening in May 2025. Come August, the property was sold to a high-net-worth investor following a competitive EOI campaign handled by Colliers and Stonebridge.

The numbers

• Acquisition price: $7.25 million (December 2024)
• Sale price: $9.3 million (August 2025)
• Value uplift: Approx. $2 million (28% in eight months)
• Tenant: Amart

Why this divestment matters

For us at Properties & Pathways, the Shepparton divestment isn’t just a story of short-term gains—it shows how well-established relationships and well-laid plans can lead to exceptional outcomes.

We purchased the asset while concurrently holding conversations with Amart, something our years in the retail property investment market made possible. And as this week’s headlines promote the divestment result, we feel our timing couldn’t have been better.

The commercial real estate market is showing renewed competition for retail investments with long WALEs, as buyers chase income certainty. By repositioning assets such as 175 Benalla Road—and divesting at the right point in the cycle—we’ve delivered on the outcomes long promised to our co-owners.

We’ve always been about finding value and knowing when to realise it. We’re proud to have delivered a great result for our co-owners in Shepparton. More importantly, it reinforces our belief that timing and strategy remain just as important as the assets themselves.

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