Sydney developer Mintus sees growth in Deception Bay after buying Market Square shopping centre

A SYDNEY-based developer has made its first foray into Queensland buying a Deception Bay shopping centre.

UNLOCKING POTENTIAL: Market Square Deception Bay has sold for $37.5 million. Picture: Elise Searson

A SYDNEY-based developer has made its first foray into Queensland, buying a Deception Bay shopping centre.

Mintus has paid $37.5 million off market for Market Square Deception Bay which last changed hands in 2013 for the same figure.

Mintus director Mel Hazzouri said the privately owned company would continue its strategic acquisition of retail assets this year and has its sights set on more Queensland assets.

Market Square, on the corner of Deception Bay Rd and Bay Ave, has a gross lettable area of 13,634sq m and in on 6ha of land.

It is anchored by Woolworths, Dan Murphys, Deception Bay Tavern, Dimmy’s and 50 specialty tenants.

A portion of the site remains undeveloped having been demolished for renovations which were not completed.

Mr Hazzouri said Market Place Deception Bay was positioned at the heart of Queensland’s Moreton Bay region, which is set for significant growth in the coming years.

“Mintus looks forward to quickly identifying tenants and appointing builders to provide a centre that both retailers and the local community can be proud of,” he said.

Mintus director — Retail and Residential Ben Stewart said Market Square was a “fantastic

opportunity” to improve and extend the area’s sole shopping centre.

“The Centre benefits from substantial frontage to Deception Bay Rd and we intend to capitalise on that frontage with an exciting food and services offering,” he said.

The property was previously controlled by ARIO No 1 Trust.

Savills national director of Retail Investments Peter Tyson, who advised Mintus, said the company was attracted to the strong embedded real estate value of the asset.

“The purchase price was well below the centres’ current day replacement cost and as well it has the significant value-add potential,” he said.

“The centre ... provides an opportunity to add value through repositioning, leasing and development of balance land.

“We continue to see strong levels of transaction activity in the neighbourhood retail sector, both on and off market, driven by the weight of capital, both domestic and offshore.”