Centro seeks buyer for Townsville centre

Centro Property Group’s Townsville shopping centre has been listed for sale as the beleaguered company looks to liquidate its assets and restructure under a new retail entity.

The centre was valued at $35.5 million in April this year, up 4.5% from a December 2010 valuation of $34 million.

It last sold for $20.75 million in November 2001.

The property is being marketed by Phil O'Donovan and John Quinlan from Knight Frank and Jon Tyson and Peter Tyson from Savills.

It is located at 39-355 Ross River Road, Townsville near the Bruce Highway.

The centre has a total gross lettable area of 13,670 square metres on a site of 42,424 square metres and is anchored by a Cole and K-mart, 24 specialty shops, two kiosks and three ATMs.

Specialty stores include BWS, Suncorp, Commonwealth Bank, Bank of Queensland, Bakers Delight, Wide Bay Australia, Lenard's Poultry Shop and Donut King.

Approximately 54% of the centre's gross income is derived from Coles and K-mart, and it earns total fully leased net income of $3,483,928 per annum.

The property is for sale by expressions of interest closing on October 13.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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