City shopping centre sells for $50m, reno planned

THE embattled Wilsonton Shopping Centre has been reportedly sold for $50 million, with plans in the works to turn around its fortunes.

Wilsonton shopping centre. Sunday Feb 26, 2017. Picture: Nev Madsen

THE embattled Wilsonton Shopping Centre has been sold for $50 million, with plans in the works to turn around its fortunes.

The Chronicle understands the centre has sold to Consolidated Properties Group for a massive sum, after months of speculation following the financial woes of previous owner the Australian Retail Investment Opportunity.

Two tenants at the centre said they had been informed of the sale earlier this month.

Centre management was not available for comment.

The sale comes amid a planned but troubled upgrade of the centre that was announced in 2014.

Hutchinson Builders have been in talks to complete a massive refurbishment of the centre.

Hutchinson's Toowoomba team leader Sean Lees said the massive construction company had been approached, though nothing was concrete yet.

 "We're working with a client, developing a number of different refurbishments that involve embellishment and improvement, all of which are exciting," he said.

"We've been working through a number of different concepts over a period of time.

"We're hoping to get to a stage and we look forward to sinking our teeth into it in the future."

The centre was built in the 1970s by millionaire developer Clive Berghofer and improved over the decades until he sold it in 2006 to Multiplex Property Service.

It was then sold in 2009 to Kilcor Property Group for $33.9 million, who put forward its own plans to redevelop the ageing commercial precinct.

Previous plans to redevelop the Wilsonton Shopping Centre. Picture: Andrew Backhouse

ARIO had set out a $70 million revitalisation plan after it bought the centre from Roclik Property Group (the new name for Kilcor) for $54 million, with the first stage finished later the following year.

But news of the company's receivership troubles compounded an exodus of stores from the centre in June 2016.

Brisbane company Engage Holdings, which had operated ARIO Pty Ltd as a trust, said ARIO had been wrapped up by receivers PPB Advisory.

Consolidated Properties Group couldn't comment on the sale.

A HISTORY OF SALES

- 1976: Built by Clive Berghofer, as an addition to the Wilsonton Hotel

- 2006: Centre and controlling company sold to Multiplex Property Service

- 2009: Sold to Kilcor Property Group for $33.9 million

- 2014: Bought by Australian Retail Investment Opportunity for $54 million

- 2015: First stage of redevelopment finished by ARIO

- 2016: ARIO goes into receivership, redevelopment remains half-finished

- 2018: Shopping centre sold to CPG for $50 million

Originally published as City shopping centre sells for $50m, reno planned