Stockland Bundaberg to be renamed Sugarland Plaza after $140m sale

New owners say strong investor demand helped drive the multi-million dollar purchase, which is expected to settle in late September.

One of the region’s major shopping centres is expected to change hands and names after a multimillion-dollar sale.

Stockland Bundaberg has been sold for $140m and will settle in late September 2021, a Stockland spokespersons said this week.

The Daily Telegraph reported the centre was offloaded to a fund run by the listed MA Financial Group.

MA Financial managing director Richard Germain said the complex would be renamed Sugarland Plaza and was an institutional quality asset with strong ties to the area.

“Our conviction in the centre is underpinned by its robust fundamentals, including high exposure to non-discretionary spend and service-based retailers, well above-average speciality productivity and very low occupancy costs,” he said.

“We certainly are seeing strong investor demand for this product, particularly given the strong prices achieved on some subregional assets that have transacted since we agreed this acquisition.”

Located on 115-119 Takalvan Street, Avoca, the shopping centre’s current major retailers are Best & Less, Big W, JB HI-FI and Woolworths.