Paleface Plaza in Temora goes to auction with $500,000 hopes

A shopping plaza in the rural NSW town of Temora will be auctioned off on July 5 that may fit neatly into a self-managed super fund investment portfolio.

Paleface Plaza (pictured below), on Hoskins Street combines six separate leases with a rental return of approximately $50,000 per annum.

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Ray White Rural Temora real estate agent Melanie Preston says they expect the property to fetch in excess of $500,00 when it goes to auction.

Temora is located one-hour north of Wagga Wagga and two-hours and 45 minutes west of Canberra and is home to an internationally acclaimed aviation museum.

The town's tourism website claims it has a reputation as the states “friendliest town” and is a place where country hospitality rings true.

Paleface plaza was originally a John Meagher and Co department store.

John Meagher and Co.’s stores were the first to open business in Temora at the beginning of the Gold Rush in August 1880.

John Meagher opened the store in a tin shed in 1881 and began building the first brick store in 1882.

The Plaza takes its current name from the famous Australian harness racing horse, Paleface Adios, who competed as a pacer throughout the 1970s and early 1980s. The horse was born in Temora in 1969.

The property has previously sold for $225,000 in 2006, $365,000 in November 2003, $254,000 in July 2003, and $183,550 in 2002.

In December last year the Melzer House building at 116-120 Hoskins Street Temora sold for $247,000, despite an asking price of $300,000. The same property has previously sold for $175,000 in 2003.

Another commercial building, at 135 Hoskins Street, Temora, sold for $242,000 in August last year and had previously sold for $177,000 in 2007, $190,000 in 2005 and $111,000 in 2000.