Mount Gambier Central shopping centre sells for $24.5 million

Mount Gambier Central, a sub-regional shopping centre in the largest regional town in South Australia, has sold for $24.5 million.

The centre is anchored by Kmart and complimented by mini-major retailers, including Best & Less, The Reject Shop, Gambier City Chemmart Pharmacy, 37 specialty shops, two kiosks and four ATMs.

Mount Gambier Central is a single-level predominantly enclosed and air-conditioned shopping centre developed in 1986. Upgrades in 1997 and 2010 provided modern entrances, malls and store fit-out.

It has a gross lettable area of 12,781 square metres plus decked parking for 532 cars.

The selling agents were Peter Isaksson, Rino Carpinelli and Steven Lerche of Savills.

Carpinelli said the sale highlighted the strong investor demand for well located, high quality sub-regional shopping centres.

“This centre is well supported by local and passing trade due to its strategic positioning in the heart of the Mount Gambier CBD, a major regional town servicing some 65,000 residents and a key transport hub mid-way between Adelaide and Melbourne,” he said.

The property’s large site of 2.924 hectares also provides the potential to redevelop the vacant pad site adjacent to the main shopping centre.