Rural shopping centre up for grabs for a cool $90 million
COOLALINGA Central is up for sale for an estimated $90 million — offering its new owner a $7 million income stream
Northern Territory
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COOLALINGA Central is up for sale for an estimated $90 million.
Darwin-based developer Gwelo Developments has put its Coles and Kmart anchored shopping centre on the market, offering investors an estimated $7.17 million net annual income fully leased.
When the shopping centre opened in 2017, the NT News reported the site cost $400 million to develop. The cost included the civil works and the development of the residential estate behind the shopping centre.
Stage 3 is not included in the sale.
When opened about 85 per cent of the shopping centre had been leased to businesses.
CBRE Retail Investments director Justin Dowers is managing the sale alongside Mark Wizel and Trent Weir.
Mr Dowers said the centre offered investors good income growth potential and development opportunities.
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“The centre has limited competition and offers its customers a full range of retail services within a very attractive, enclosed, all-weather, complex that is essential to a successful operation in this part of the world,’’ Mr Dowers said.
Chamber of Commerce chief executive Greg Bicknell said the sale would be a test of the retail market’s strength.
“It’s a commercial transaction, the developers have got it to a stage they believe it’s a sellable property and the market will be tested,” he said.
“It should be worthwhile, as for the merits of the price, that’s what the market will determine … it’s an area where there’s an anticipated population growth in years to come.
“They’d have core tenants in place, so it should be a good strong offering with an idea to the future.”
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Gwelo Developments was contacted for comment.
Located 30 kilometres southeast of the Darwin CBD, the 20,034 sqm building completed in 2017 includes a Coles supermarket, Kmart, iFitness, Chemist Warehouse, Mad Harry’s and The Salvation Army.
There is space also for 37 speciality stores, 10 kiosks, an ATM and nine pad sites including McDonalds, Subway, Hungry Jacks and KFC.
Expressions of interest close on August 1.
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