Centuria sells Hervey Bay shopping centre
Centuria has sold another shopping centre seized with its takeover of Primewest five years ago.
Pialba Place at Hervey Bay curried favour with an interstate private investor for $39.9 million.
It previously traded in 2019 for $36m to M/Group.
Primewest took over management of M/Corp in late 2020 – a $92m portfolio also including Albany’s Chester Pass Mall.
The property includes the 15,647 square metre centre on 3.94 hectares at 30 Main Street, also exposed to Hunter St and Old Maryborough Rd.
It also includes a V-shaped car park spanning 4449 sqm at 18 Hunter St.
Pialba Place
Developed In 1987 – reportedly containing Queensland’s first Coles New World Extra – Pialba Place contains over 800 car parks, many under shade (continues below).
Big W and Coles are the anchors.
There are also 20 specialty stores.
Almost two thirds of income is derived from non-discretionary tenants.
The sale price reflects a 7.97 per cent net passing yield.
Nine offers came in following an expressions of interest campaign launched in April.
JLL’s Jacob Swan and Ned McKendry with Stonebridge Property Group’s Carl Molony and Philip Gartland were the agents.
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