Coolalinga shopping centre trades for c$80m

Coolalinga Central contains 20,249 sqm of area, 1240 car parks and a 1.65 hectare vacant tract.

The four year old Coolalinga Central has sold for a speculated $80 million.

On 7.71 hectares at 425 Stuart Highway, about 29 kilometres south east of Darwin, the shopping centre was offered by Melbourne-based non-bank lender Wingate, which recently seized control from the developer, Gwelo Investments.

SCA Property recently paid $33m for Palmerston’s Bakewell Shopping Centre.

The sale price reflects a circa-8.6 per cent yield.

The as yet undisclosed buyer can still claim depreciation benefits.

Last October, SCA Property Group paid Woolworths’ development arm, Fabcot, $33m for Bakewell Shopping Centre, at nearby Palmerston – an asset also constructed in 2017.

Coolalinga Central

Coolalinga Central contains 20,249 square metres of fully-let area and 1240 car parks – almost two thirds of which are undercroft.

Coles and Kmart are the anchors.

There are also five mini-majors and 37 specialty stores (story continues below).

Eight highway pad sites are leased to, amongst others, KFC, Hungry Jack’s, McDonald’s and Subway.

A 1.65 hectare tract is available for immediate development.

Gwelo, believed to be owed rent from numerous tenants, unsuccessfully tried to sell the complex for c$90m in 2019.

JLL’s Jacob Swan, Nick Willis and Sam Hatcher represented Deloitte as receiver for Wingate.

“We are continuing to experience a resurgence in investor confidence in the sub-regional sub-sector that continues to prove its resilience and performance,” Mr Willis said.

“This transaction brings the total to over $360m of sub-regional assets our team has brokered in the last two months highlighting the trend,” he added.

More to come.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of