This article is from the Australian Property Journal archive
STOCKLAND has bought a Townsville retail centre for $13.12 million from Consolidated Properties.
Stockland also owns the neighbouring Stockland Townsville shopping centre, which has been flagged to be home to Townsville’s first Myer store in 2009.
Consolidated Properties bought the Aitkenvale centre from a local private family for $8.35 million in October last year.
The Aitkenvale retail centre, located on a 1.01 hectare site on Ross River Road, consists of a series of single level retail outlets in four separate buildings, including the Sunvale and Kingsvale complexes.
Trinity’s chief executive officer Ben McCarthy said the sale represented a strong profit result for CDT.
“Although the Group had earmarked the asset for a major refurbishment, Consolidated Properties was presented with an offer that represents a strong return without development risk for CDT investors,” he added.
Australian Property Journal