Vicinity Centres sells Gympie's Goldfields Plaza
Vicinity Centres have sold Gympie's Goldfields Plaza for $27.5 million.
The move comes after Vicinity Centres announced it was to sell $1 billion worth of shopping centres to refurbish their higher assets.
It's been bought by Lascorp Development Group, who have outlined plans for a major overhaul of the neighbourhood centre.
The sale reflected a 1.1 percent premium to Book Value, in a transaction brokered by Savills agents Peter and Jon Tyson.
Goldfields Plaza comprises an enclosed neighbourhood shopping mall anchored by a Coles supermarket and Target department store.
Peter Tyson, Savills’ national retail director, said that the neighbourhood shopping centre asset class remains very popular with investors.
“The sale campaign for Goldfields Plaza attracted strong buyer interest, with multiple offers from investors as well as developers given the asset’s value-add profile.
“Goldfields Plaza features the only Coles and Target offerings in an expansive trade area with the nearest alternatives located at Noosa to the south and Maryborough to the north,” he said.
Run by veteran Melbourne retail developers Michael and Matt Lasky, Lascorp has over 40 years history developing and refurbishing shopping centres on Australia’s eastern seaboard.
Michael Lasky said that they were attracted to the Centre due to it having the right fundamentals.
“We like Goldfields Plaza. It is centrally situated next to the town’s centre, has great parking and is underpinned by a very strongly trading Coles supermarket.
“We feel we can apply our expertise and add value to the centre through repositioning the mall and specialties” he said.
Matt Lasky said that the Centre has great bones, and will benefit from our planned refurbishment as it hasn’t had an upgrade in many years.
“Our plans include refreshing the façade, extensive upgrades to the mall areas and amenities and implementing a releasing program,” he said.
Savills’ Peter Capps has been appointed to lease the repositioned centre on behalf of Lascorp.
Capps said that the refurbishment program will completely refresh the look and feel of the mall with improved traffic flow and opening of the sightlines between Coles and Target.
“We will be targeting key food and service lines, rather than discretionary spending. It is easy to see that following the refurbishment, Goldfields Plaza will be the most convenient food and service offer in the local market,” he said.
Lascorp’s purchase of the Gympie mall follows the groups’ sale of the refurbished Morningside Plaza Shopping Centre in Brisbane earlier this year for $23.8 million through an off market transaction also brokered by Savills’ Peter Tyson.