This article is from the Australian Property Journal archive
GOWINGS has shelved plans to sell its Port Central shopping centre in Port Macquarie.
Gowings put the centre on the market in April this year, offering both a partial interest and a full sale.
Managing director John Gowing said the company received a number of expressions of interest, however after carefully assessing the merits, it was concluded that it is in shareholders’ best interests not to proceed with the sale.
Instead Gowing said the company will retain ownership of this centre as a core long term asset.
“In reaching this decision, Gowings has factored in both the high-quality nature of this income producing asset and the future growth potential which Gowings is well positioned to capitalise on,” he added.
Gowings acquired the shopping centre in late 2008 for $57.3 million from the Dexus Wholesale Property Fund.
The sub regional shopping centre comprises 15,023 sqm of space and 851 car parking spaces.
Australian Property Journal
