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

Jennifer RobertsonJune 25, 2013

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.

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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.

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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.