BIG BUY: Gladstone Central, also known as the Night Owl Centre is on the market.
BIG BUY: Gladstone Central, also known as the Night Owl Centre is on the market. CBRE

Gladstone shopping centre sale to lure in investors

FOR the second time in two years the Gladstone Central shopping centre, better known as the Night Owl Centre, is on the market.

Commercial sales agency CBRE has launched a four-week expressions of interest campaign in the hope of finding a buyer with an interest in increasing the number of stores at the centre.

CBRE state director of retail investments Peter Rossi said they had received a high amount of early inquiries for the mortgagee sale.

"The rents at Gladstone Central are pitched at a sustainable level, it's not as high as the Stockland centre, which attracts a certain style of tenant," Mr Rossi said.

"We expect buyers that will actively manage the property to enhance its value.

"If they conduct an active leasing campaign they should be able to attract more tenants to boost the income and the return on the investment."

In 2007 the centre was valued at $64.3 million, but that included the Diceys Irish Bar and Restaurant and KFC, which are not in this sale.

 

Gladstone Central, also known as the Night Owl, shopping centre is on the market.
Gladstone Central, also known as the Night Owl, shopping centre is on the market. CBRE

This sale includes from the Cheesecake Shop to Gladstone Cinemas.

Mr Rossi did not speculate what the property could sell for.

In a property report for potential buyers, CBRE described the 3965sq m centre as a convenience, food and beverage precinct. The report authors expected the major drawcards for buyers to be Gladstone Cinemas, Spotlight, the Coffee Club and Sportspower.

CBRE said former owners, Gladstone United Pty Ltd, which is under external administration, and Celtic Pacific Pty Ltd, had assisted in re-signing existing tenants and further "driving the appeal" of the centre.

Mr Rossi said because it was a mortgagee sale, the property represented a "rare opportunity" to buy it below replacement cost.

The centre was last on the market in 2016 by then-owners Goldman Sachs.

The marketing campaign closes on November 14.



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