For three generations one family has left a long-lasting impression on Shepparton, but after almost 100 years in the plaster game, the Browns are casting off their local legacy and are shutting up shop.

The landmark building at the corner of Mason St and The Boulevard is one of the oldest buildings in Shepparton, dating back to 1898.

After housing a variety of trades, including a soap manufacturer, the Shepparton site came into the Browns’ hands in 1926 when William John Brown went into business with plasterer Willy Anderson. William’s three sons, Ray, Ian and Eric, eventually took over with Ray’s son Jamie now at the helm.

“They did all the buildings here in Shepparton, especially between the 1930s right through to the 1970s. It was probably the biggest country-based manufacturer of fibrous plaster in Victoria,’ he said, adding that Browns Shepparton Plaster Works has helped countless modern home renovators and builders revive period properties.

“We’ve had quite a few people come in wanting to match up different moulds from various eras. That line of work has definitely kept us busy, but now it’s time to retire, our kids are all doing their own thing so it’s the end of the line.’

The Browns are hopeful the site will be treasured and used to its maximum potential.

“I’m just hoping whoever buys it does a good job, because it’s prime land. There’s parkland around two sides with the river across the road and we’re about a 15-minute walk into town. Back in the day, it was right out in the sticks, now it’s pretty much in the heart of town.’

The 15,866sqm parcel is one of 167 properties Burgess Rawson is auctioning or selling via expressions of interest as part of its latest portfolio event kicking off on 26 March.

Burgess Rawson agent, Shaun Venables, said the Shepparton site is an opportunity to secure a well-positioned slice of the growing regional city that is now home to almost 69,000 people.

“We’ve had a mix of interested parties, but the obvious use for it would be as a high-density residential subdivision. The only available land in Shepparton today is either north or south as the river cuts everything off to the west and to the east there’s farmland. This really is the last opportunity to get land within 500m of the CBD,’ he said.

The corner site, which has a price guide of $5 million, is currently listed via an expressions of interest campaign closing on April 10 at 4pm.

“A small portion of the site, the white building on the front corner, is heritage-listed but it’s been really well maintained. Someone could turn that into a beautiful home or easily incorporate it into another business, such as accommodation or, as it’s zoned residential, for medical use.’

Recession-proof assets remain in high demand

Burgess Rawson’s other listed assets set for sale during its three-day portfolio event include a number of medical facilities, childcare centres, fast food outlets and petrol stations.

PropTrack economist Anne Flaherty said a household name tenant is often hot property.

“We see fast food restaurants perform well, particularly when they’re known brands. Investors have a good knowledge of the tenant and understand the product,’ she said.

“We’re also going to see healthcare assets remain in demand, which is a positive sign. The healthcare sector is forecast to provide more jobs than any other sector over the coming decade, it’s absolutely a growth industry in Australia.’

Ms Flaherty said while some sectors are struggling under current economic conditions, in-demand essential industries in addition to healthcare, such as petrol, food and childcare are also coveted.

“Set and forget investors seeking an income stream with peace of mind are on the lookout for these types of assets, particularly those with long-term leases in place to high-quality tenants. Assets providing a number of years of passive rental income are very attractive,’ she explained.

Among the assets Burgess Rawson is marketing are three landmark properties primarily leased to Lumus Imaging, a national subsidiary of Healius Ltd. The assets on offer will provide annual rents ranging from $375,990 to $1.476 million, coupled with favourable annual rent reviews fixed at 3%.

Several fast food locations on the list include a McDonald’s in Cardiff, a Guzman y Gomez in West Tamworth, a Hungry Jack’s in Ormeau and a KFC, Domino’s and Ampol outlet in Marsden Park.

There is also a mix of retail, banking, convenience retail, automotive, industrial and large-format retail space available.

After the first auction event at the Sydney Opera House on March 26, another will be held at Melbourne’s Crown Casino on March 27 and The Hilton in Brisbane on March 28.

Burgess Rawson’s first campaign for 2024, held across several days in February saw more than $70 million in transactions.

Real Commercial – Kirsten Craze