Shopping centre put up for sale by developer's receivers
A NEW Auckland shopping centre with a supermarket and medical centre formerly owned by Brisbane developer Merranda is for sale by the company's receivers.
Also for sale by Ray White Commercial is a parcel of land in Kin Kora where Merranda was going to build 41 luxury executive villas.
The sales come off the back of a "strong rebound" in Gladstone's commercial property market with $55.341m of sales in the sector recorded this year by Ray White Commercial.
The 3 Shaw St, Avion Shopping Centre was valued at just over $1 million (site value) last year, according to RP data.
According to RP Data, the land was last sold in 2004 for $400,000, and by 2009 it was transformed into a 10-space shopping centre.
It's unknown what price the Ray White real estate agents who have the site listed are hunting. The sale is open via expressions of interest until November 16.
Meanwhile the almost two hectare block at 112 Sun Valley Road sold mid-2007 for $660,000, according to RP Data.
The site has development approval for 41 residential units, given the go ahead by Gladstone Regional Council in 2011.
Developers Merranda - now in receivership with McGrathNicol - planned to build Sun Valley Rise on the 1.9 hectare block, which it said would "set a new benchmark in Gladstone living standards".
The residential site will be auctioned on November 17 in Brisbane.
Ray White Commercial head of research Vanessa Rader said there had been a 172.59 per cent increase on commercial sales this year, compared to 2016.
She said this year's $55.341 million in commercial sales was the highest since 2012, when Gladstone experienced an investment boom
off the back of the arrival of three $70 billion liquefied natural gas plants on Curtis Island.
"Receivers have been active in bringing assets to the market after a long period of inactivity," Ms Rader said.
"Also encouraging for Gladstone are the quality port operations which continue to accept and move growing tonnes of raw materials and cargo between Australia and major markets including China, India, Japan and Korea."
Ray White Gladstone director Andrew Allen said industrial activity was on the rise this year too, with $10 million in sales across six transactions recorded.