This article is from the Australian Property Journal archive
DIVERSIFIED financial services company, Gowings has bought the Palms shopping centre at Coffs Harbour from AMP Capital Shopping Centres for $30.8 million.
Gowings managing director John Gowing said the acquisition will boost the company’s NSW Mid North Coast shopping centre portfolio, which comprises Port Central in Port Macquarie; Kempsey Central and Moonee Beach shopping centre.
The total purchase including stamp duty is approximately $33 million and will be finance using a combination of existing cash reserves and debt.
Located in the Coffs Harbour CBD, the Palms is a two level shopping centre with approximately 14,000 sqm of gross lettable area and it is anchored by a Coles supermarket, department store Big W as well as 40 shops.
Gowing said the centre will be managed internally and will be held by Gowings as a long term investment.
Australian Property Journal
