Moonee Market Shopping Centre sells for $30.5 million

Primewest Diversified Income Trust No 4 has purchased Moonee Market Shopping Centre for $30.5 million from Gowing Bros. Limited (Gowings). Located on the Pacific Highway north of the Coffs Harbour CBD, Moonee Market is a 10,142m2 neighbourhood shopping centre anchored by a Coles supermarket. The centre has a fully leased net annual income return of approximately $2.3 million.

As a diversified listed investment company, Gowings commenced a process to receive expressions of interest for the sale of its Moonee Market shopping centre earlier this year, with the process being conducted by CBRE.

Michael Hedger, CBRE Director, Retail Investments said: “The sale of Moonee Market is a reflection of the strong demand we are seeing for neighbourhood centre investments, especially those which offer value add opportunities and are well located within the regions that have limited threat of competition. We are expecting this trend to continue, with traditional syndicators being more competitive in the market given the low debt environment.”

The centre was originally purchased by Gowings in April 2010 for $13.2 million. During Gowings period of ownership, capital expenditure was invested to upgrade the common areas, improve tenancy mix, and reposition the centre.

Moonee Market has a diverse range of retailers including a Coles supermarket, childcare, swim school, dog grooming centre, medical centre and a dining precinct which services the local community as well as passing tourism traffic through the Pacific Coast corridor.

Gowings CEO John Gowing said: “We are very pleased with the outcome for Moonee Market, and there was a very strong interest seen in this quality asset during a competitive sale process. Gowings has owned the neighbourhood shopping centre since 2010 and the sale outcome demonstrates our successful strategy in transforming the location to a focal point of convenience retail, dining and services for the local community.”

The sale price of $30.5 million, exceeds its value in Gowings accounts. Net sale proceeds will be redirected to other development opportunities and retire debt in Gowings. Gowings received strategic advisory services from Monash Private Capital.

Primewest is one of Australia’s leading private estate funds management businesses, managing $3.9 billion of Assets Under Management across 76 separate syndicates and funds and 7 asset classes. The company has a strong and loyal investor network, with more than 700 underlying wholesale and high-net-worth investors. Primewest operates in the real estate funds management sector. This involves sourcing, acquiring, managing and disposing of real estate assets on behalf of investors.

Add Your Comment

[mc4wp_form id=”1020″]

© Copyright 2019 – Moonee Beach Estate Website by Take Heed Digital