Toowoomba’s Wilsonton Shopping Centre for sale through JLL, CBRE as part of $500m multi-asset offer

Just four years after a consortium snapped it up for $50m and promised long-term investment, a major shopping centre has been offered up with four others for a potential $500m deal.

FOR SALE: The Wilsonton Shopping Centre has hit the market through a multi-asset offer worth reportedly around $500m.

One of Toowoomba’s largest shopping centres has hit the market as part of a $500m multi-asset offer.

The Wilsonton Shopping Centre has been listed for sale through agencies JLL and CBRE in an offering of four other Queensland centres at Karalee, Palm Beach, Springwood and Keperra.

It comes just four years after Consolidated Properties Group and CVS bought the maligned Toowoomba shopping precinct for $50m, before investing another $70m into its revitalisation.

The owners are currently completing the $25m second stage of its redevelopment, which will include a 7-Eleven service station, Starbucks drive-through cafe and three other smaller retailers.

CVS CEO Lee Centra said the time was right to test the market after receiving interest in all assets.

“With our original trust approaching maturity and unprecedented high demand for this asset class, particularly in southeast Queensland, we have formed the view that there is now a good opportunity to test the market for a potential sale,” he said.

CVS Lane and CPG have received multiple unsolicited offers for the assets over the past 18 months, reflecting this unprecedented level of demand.”

CPG CEO Don O’Rorke, who had indicated a long-term investment from the company into Wilsonton back in March, told The Chronicle he was happy with the current mix of tenants within the centre.

At the start of construction on the $25m second stage of the Wilsonton Shopping Centre redevelopment in March are (from left) Hutchinson Builders' Jack Hutchinson and Consolidated Properties Group CEO Dom O'Rorke.

“Our strategy has always based around finding assets that offered strong refurbishment and development potential to hold for the long-term — we have invested to that end accordingly,” he said.

“We’re proud of what we have achieved with each of these shopping centres in terms of improving their facilities and their retail offering and that shows in their performances.”

Mr O’Rorke said the second stage would be partially finished by the end of the year, with Hutchinson Builders still doing civil works.

“Both the carwash and 7-Eleven are due to be finished by the end of the year with Starbucks, a restaurant and specialties set to follow early next year.

“Terms have also been agreed with a large national tenant, with an announcement expected soon regarding the exciting new addition to the project.

“This expansion is a significant development for Wilsonton Shopping Centre and will greatly add to its attractiveness for shoppers and tenants alike.”

Construction has started on the second stage of the Wilsonton Shopping Centre in Toowoomba.