Newmark sheds land beside Warrnambool mall
Newmark Capital has sold two blocks on the eastern side of the Gateway Plaza at Warrnambool, which it bought three years ago.
The 5.5 hectare rectangle shaped amalgamation, 1M/154 Raglan Parade was also offered for sale or lease, last March.
Zoned Commercial 1, it was marketed for its development upside.
The busy road is passed by over 17,000 vehicles a day.
A subdivision could also have been considered.
MA Financial, which sold Newmark the mall for $63.2 million, valued the parcel separately at $5.6m.
Records show however that it settled for just under $1m.
Colliers’ Tim McIntosh and Will Heffernan with Harris & Wood’s Danny Harris were the agents.
More to come.
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