Darwin Centre tipped to sell

28 September 2019

M/Group is tipped to buy Coolalinga Central, a sub regional centre in Darwin, about 25km sourth east of Darwin.


The Centre was developed by Darwin-based Gwelo Developments, securing a net $7 million income from the Coles- and Kmart-anchored shopping centre.


The Centre is tipped to be sold on a 7.5% yield to MGroup.


The 20,034 sqm Centre sits on a 77,100sqm site with parking for 1240 vehicles, including 776 undercroft spaces. The mall is anchored by a 3990sqm Coles supermarket and a 5629sqm Kmart with five mini-majors including iFitness, Chemist Warehouse, Mad Harry’s and The Salvation Army.


Perth-based M/Group appear to favour regional based shopping centres having acquired Pialba Place Shopping Centre in Hervey Bay, Wodonga Plaza in Victoria and Chester Pass Mall in Albany, Western Australia.


The mall sale is being brokered by CBRE.