Toowoomba’s Wilsonton Shopping Centre won’t be sold as owner Consolidated Properties Group pulls $500m asset offer
One of Toowoomba’s largest shopping centres looked set to be sold in a $500m offer, but its owners have since pulled the plug on a deal. Find out the reasons here:
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One of Toowoomba’s largest shopping centres won’t be sold after its owners discontinued a $500m multi-asset offer due to changing market conditions.
Consolidated Properties Group and CVS Lane Capital Partners will hang onto the Wilsonton Shopping Centre for now, having invested more than $120m into the asset through its purchase and upgrades since 2018.
After listing it for sale along with four other assets in August, CPG revealed this month it was dropping the offer due to “changing market dynamics”.
“Changing market dynamics, particularly in recent weeks, have influenced the decision to cease the sales campaign,” CPG and CVS said in a statement.
“The assets continue to perform strongly and will be retained, with expansion plans for three of the assets to continue in keeping with their investment strategies.”
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.
CPG CEO Don O’Rourke said the second stage would be partially finished by the end of the year.
“Both the car wash 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,” he said earlier this 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.”
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