Willows Shopping Centre in final phase of being sold to Fawkner Property Group

Townsville’s largest shopping centre could soon have a new owner as negotiations for its sale reach the final phase. See what is happening.

Townsville’s long-running Willows Shopping Centre is on the verge of an ownership change in a transaction estimated to be worth over $200 million.

Built in 1985 at Thuringowa Central, the shopping centre has grown over the decades to cover a footprint of 44,507 sqm, becoming Townsville’s largest mall.

A Willows Shopping Centre spokeswoman told the Townsville Bulletin that the centre’s owner was exploring the potential sale of the asset.

“During this process, there is no impact to operations, retailers or customers. As the process is ongoing, we are unable to comment further,” the spokeswoman said.

It is understood that an official announcement would be made in the near-future, once the sale was finalised.

The owners of Willows Shopping Centre are in negotiations to sell the centre. Picture: Supplied.

The Australian Financial Review revealed last week that Willows’ owner Dexus Wholesale Property Fund had entered the due diligence phase for the sale with Melbourne-based fund manager Fawkner Property Group.

Dexus was also reportedly offering an additional 4.4ha of land nearby, which could be developed immediately.

Maureen White, Hay Richter and Fay Durisin were in the huge crowd gathered for Aldi’s opening at Willows Shopping Centre. Picture: Evan Morgan

Positioned on a 15.4ha site, which includes 2700 parking bays, Willows Shopping Centre is Townsville’s only shopping centre with three full-line supermarkets – Woolworths, Coles, and Aldi.

It hosts over 140 specialty stores, including flagship tenants like Rebel, Cotton On Mega, Big W, TK Maxx, JB Hi-Fi, City Beach, Best&Less, Priceline, and Planet Fitness.

The centre completed a massive $80 million expansion in 2015.

Rory, 6, and Kayla Downes, 10, and try out the interactive activity based equipment in Reef Play, the new play space in Willows Shopping Centre. Picture: Leighton Smith.

Late last year, the owner of rival Townsville shopping centre Stockland Shopping Centre, Stockland Corporation, sold its remaining 50 per cent share to the private property fund manager Haben Property Group and renamed the centre to Townsville Shopping Centre.

Fawkner Property Group was approached for comment.

Originally published as Willows Shopping Centre in final phase of being sold to Fawkner Property Group