SOLD: Coffs shopping centre purchased for $30 million

Gowings has sold one of its Coffs Coast shopping centres to a multi-billion dollar company.

Moonee Beach Marketplace.

GOWINGS Bros. Limited has sold Moonee Market shopping centre to a Western Australian company - and one of Perth's biggest property investors - for a sale price of $30.5 million.

It's a significant capital gain for Gowings and its shareholders, as the Sydney-based investment company originally purchased the neighbourhood shopping centre for $13.2 million in 2010.

While Gowings may be pocketing a profit of $17.3 million, during its almost decade-long ownership the company had invested in upgrading the common areas, repositioning the centre and improving tenancy mix.

Gowings has now entered into a binding unconditional contract for the sale of the shopping centre to the company Primewest Funds Ltd, which was co-founded by John Bond, the son of high profile businessman Alan Bond.

"We are very pleased with the outcome for Moonee Market, and there was a very strong interest seen in this quality asset during a competitive sale process," Gowings CEO, John Gowing said.

 

Moonee Beach Marketplace.

 

"Gowings has owned the neighbourhood shopping centre since 2010 and the sale outcome demonstrates our successful strategy in transforming the location to a focal point of convenience retail, dining and services for the local community."

The transaction is expected to settle on November 25, with Gowings confirming the net sale proceedings will be redirected to pay off debt.

This has led to speculation over whether the company will also be selling its other local assets, including Coffs Central and the former Forestry Corporation office at the Jetty.

Primewest currently has more than $3.8 billion in assets, with its extensive property portfolio including a mix of retail centres, hotels, residences and office buildings - including its most valuable property, the $320 million Exchange Tower in the Perth CBD.

The company owns shopping complexes across the country in both metropolitan and regional areas, including Melbourne, West Sydney, Hobart, Brisbane, Perth, Gosford, Geelong, Broome, Adelaide and Ipswich.

Primewest is also expanding its operations to the US, having purchased a shopping centre and office complex in San Diego.

Gowings was advised on the sale to Primewest by Monash Private Capital and commercial real estate firm CBRE.