Nowra Stocklands sold for undisclosed amount after 42 years of operation

A mega South Coast shopping mall has been sold to an undisclosed buyer after more than 40 years operating in the region.

Nowra Stocklands has been sold, the company confirmed.

A South Coast shopping mall owned by one of Australia’s largest development behemoths, has sold at a time where residents are crying for an increase in large retailers to call the region home.

Nowra – on the NSW South Coast – has seen its largest shopping mall, Stocklands, sold to an undisclosed buyer.

The South Coast News contacted Stocklands – who operate 24 shopping centres around Australia, as well as residential dwellings – questioning who the mall was sold to and at what price tag.

However, a Stocklands spokeswoman said the details of the specific details of the sale were confidential.

“It has been a pleasure to work with and for our valued retailers, customers and Nowra community,” she said.

The sale comes after speculation the land behind the shopping mall of 45 specialty stores, including Kmart and Woolworths, was to be sold to Leda Holdings developer and businessman, Bob Ell.

In 2012, Mr Ell approached Shoalhaven Council to purchase six hectares of land behind the shopping mall, which opened in 1982 at half the size of its original plan.

Nowra Stocklands has been operating in the regional town for 42 years.

It’s believed Mr Ell – who has a history of developing large retail outlets around Australia – was set to expand the land with more shopping centres.

Despite offering $20m for the land, council refused, noting Stocklands had future plans to expand the mall. The mall was never expanded.

The sale has also emerged at a time when Nowra residents strongly believe the regional town of 22,584 people is lacking from needed large retail stores.

“I think the sale can be a good thing, depending on who has bought it,” longtime resident Henry Thurst said.

Residents are calling for more stores in the Nowra CBD.

“I think the town is growing at a level now where we need more stores.”

In mid-2023, Nowra welcomed the opening of a JB HI FI, Anaconda and TK Maxx, however the three major retailers opened outside the CBD, in the South Nowra industrial area.

Resident Jane McNally said the sale of the shopping mall presented an opportunity to see more large scale retailers open in the CBD.

“Those new stores were a great thing for the town obviously, but they’re a little out of the way to get to,” she said.

“So, hopefully the buyers of Stocklands see there is a real need for larger retailers in the middle of the town.

“We really just need more stores.”

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