Shopping centre back on the market in smaller slices

AGENT believes chopping up investment will make it more palatable to buyers.

Gasworks @ Mackay is for sale. Picture: Burgess Rawson

THE Gasworks shopping centre is back on the market as individual assets, to make it more palatable to buyers.

Burgess Rawson Brisbane agent Glenn Conridge said that the decision to pull the sale in January was to approve individual site sales, which will have a greater appeal to investors.

"We thought it would sell better as individual shops versus a single large asset - the key thing is that for investors in commercial property, there's people who have $10 million, but there are a lot more that have $1 million, and sub-$1 million,” he said.

"The centre has such a good core of national tenants, when you look at it it's a large percentage of medical and then you have great national tenants, Dominos, The Cheesecake Shop, Miss India,” he said.

The demand for smaller assets is expected to drive the auction campaign which will happen in house, in Sydney on June 15. The site totals 4512sq m with 46 onsite carparks and also includes Southside Medical Centre, among other medical, plus Kebab take-away and Top One Noodle & Sushi. The other tenancies will be up for auction later in the year, according to Mr Conridge.

Originally published as Shopping centre back on the market in smaller slices