This article is from the Australian Property Journal archive
TOOWOOMBA’S Wilsonton shopping centre has sold to Consolidated Properties Group and CVS Lane Capital Partners for around $50 million, after it was put into the hands of receivers for just over two years.
The 18,500 sqm centre is anchored by Coles and Woolworths supermarkets, and has 45 specialty stores.
Australian Retail Income Opportunity trusts No 1 and No. 2 had acquired the centre for $54 million in 2013. Receivers PPB Advisory were appointed to ARIO trusts, divisions of Engage Capital, and related investor Ario Funds in 2016.
Pacific Alliance Group then bought out the debt of the shopping centre, worth more than $100 million and held by the Commonwealth Bank.
Before going into receivership, Ario was looking at a $70 million overhaul of the centre that included a Kmart and cinema, but works stalled and a number of spaces sat vacant.
The new owners will look to refurbish the centre.
The ARIO trust assets were taken to the market in June 2016 by KordaMentha, which included Wilsonton Shopping Centre as well as the 8,800 sqm Ashmore City Shopping Centre on the Gold Coast, acquired by Engage for $37 million, and the Deception Bay centre of 18,000 sqm, which it purchased for $38 million.
JLL marketed them for sale in one line or individually.
Ashmore City was picked up by a syndicate of Singaporean and Malaysian investors for $34.3 million, while Sydney-based Mintus acquired the Deception Bay centre for $37.5 million.
Mintus has just revealed plans for a 5,000 sqm expansion, which like Wilsonton Shopping Centre saw development works halted.
Australian Property Journal
