A retail property leased to The Good Guys in Albury, New South Wales, has sold to a local investor for $5.175 million, as confidence in Australia’s retail market continues to strengthen.

Savills Australia’s Clinton Baxter, Nick Peden and Jesse Radisich brokered the deal for 437 Young Street on behalf of Australian Financial Review Rich Lister, Andrew Muir, whose father founded The Good Guys in Essendon in 1952. The consumer electronics retail chain was subsequently sold to JB Hi-Fi for $880 million in 2016.

“Investors are desperately seeking well-located retail properties with long leases and attractive rental yields, and are prepared to look beyond the major metropolitan areas to meet their purchase objectives,” Mr Baxter said.

“The major banks are certainly influencing the buying market by prioritising stability of income and calibre of tenant.”

The sale follows Savills Australia’s recent brokerage of a $150 million portfolio of properties leased to The Good Guys across Australia.