Panthera Property Group has sold Maitland’s Riverside Plaza for $46 million.
The off-market deal reflects a major windfall for the group, led by Chakyl Camal, which paid Vicinity $22.25m in 2016.
At 405 High Street, the regional mall contains about 11,800 square metres of lettable area, anchored by Aldi, Best and Less and Kmart.
There are also 12 specialty stores, six food tenancies and 686 car parks.
At the same time Panthera acquired the complex, it purchased a nearby 1970s property, 373 High St, which is now the subject of a mixed use project with 49 serviced apartments and two shops.
Maitland is about 35 kilometres north west of Newcastle (story continues below).
Another asset for Village Fair
Leiba Commercial’s Marc Leiba and Jonathan Rosenthal marketed Riverside Plaza; their result reflects a 5.9 per cent yield.
The buyer is Village Fair Group, controlled by Rick Abrahams and Harold Marshbaum, which also holds shopping centres in Queensland and South Australia.
Panthera is expected to tip funds into developing the retail component of The Lanes project at Mermaid Waters, on the Gold Coast – on a site purchased from Sunland late last year for $45.8m.
Subscribe to our newsletter at the bottom of this page.