Primewest wins M/Group management contract for Albany, Hervey Bay malls

Artist’s impression of a refurbished Chester Pass Mall from a submission two years ago for a Bunnings store next door.

Primewest has won an asset management contract for two M/Group shopping centres each side of the country.

In Albany, 400 kilometres south east of Perth, it will control the Chester Pass Mall, formerly Albany Brooks Garden.

When purchased from Vicinity three years ago, the property had a 2.7 hectare vacant tract, part of which recently way for a Bunnings.

Woolworths is the other major occupier.

The Weighted Average Lease Expiry is 7.9 years.

In Hervey Bay, 290km north of Brisbane, Primewest will manage Pialba Place which has two anchors, a mini-major and 33 specialty stores; its WALE is 5.3 years.

M/Group paid Vinta Group $36.5 million for the 15,647 square metre complex on 4.4ha in February, 2019 (story continues below).

Primewest expands retail presence with management, sales deals

M/Group and Primewest are Perth-based.

The manager said Chester Pass Mall and Pialba Place offer “significant” short and medium term development and leasing upside. Together they are worth $92m, it added.

Two weeks ago Primewest entered negotiations, again with Vicinity, to buy two Western Australian retail investments for a total $88.3m.

Earlier this month Primewest spent $70m on a new multi-storey shopping centre at Melbourne’s Southbank.

M/Group, meanwhile, holds another major retail investment, in regional Victorian Wodonga.

Artist’s impression of a refurbished Chester Pass Mall.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco