A private syndicate has settled on the acquisition of Maitland Riverside Plaza in the Hunter region for $46 million.
Maitland Riverside Plaza is an enclosed shopping centre located in the CBD of the regional township of Maitland, NSW.
The centre occupies 21,300sqm site with frontage to the High Street Mall and access via Bourke Street. The centre has a total GLA of approximately 11,800m2 and anchored by Kmart, ALDI, Best and Less, mycar and 19 speciality retailers, food operators and service providers together with with underground car parking for 333 vehicles. The property includes an adjoining development site and a 2-level car park consisting of a further 353 car spaces.
Contracts were exchanged for the Centre just prior to Christmas 2021 with settlement complete on the 2nd March 2022.
The Vendor, construction group Panthera, acquired the sub-regional centre for $22.25 million from Vicinity in 2016, effectively doubling their money in 6 years. Vicinity sold the Centre shortly after the Coles operated Bi-Lo Supermarket closed its doors in the Centre, leaving a 2,000sqm hole in the tenancy mix and income schedule. Panthera were able to effectively replace and enhance the Centre with the addition of Aldi as a second anchor tenant. Panthera also own adjoining 2,114sqm site fronting High Street where they hope to develop 50 serviced apartments in a 4 storey mixed use building.
The sale of the Centre enables Panthera to proceed with the adjoining development and consider other acquisitions in Maitland, as well as the Gold Coast, adding to its The Lanes greenfield development at Mermaid Waters. Panthera Group also own the nearby Terrace Central Shopping Centre which they acquired for $33.5 million from Vicinity in 2017.
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