$23m sale: West Gosford Shopping Centre in line for much-needed revamp
A privately owned Parramatta developer has purchased the West Gosford Shopping Centre for $23 million, with a promise to “redevelop and reinvigorate the precinct”.
The company called Mintus purchased the sprawling site from ISPT and Coles, who previously announced that they were exploring options to redevelop the centre, but have now appeared to have passed on the baton.
The enormous 17,559sqm single-level site at 269-299 Brisbane Water Drive has been semi-vacant for years, with several shops closing in 2017.
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Sold by Steven Lerche and Andrew Palmer of Savills Australia, Mintus says that the acquisition was made to boost to its portfolio of established neighbourhood centres.
Ben Stewart, director, retail and residential at Mintus says West Gosford represents an opportunity for Mintus to redevelop and reinvigorate the precinct to reflect current retail trends and position the asset for strong future growth.
“We look forward to working with Coles, Council and the public to provide a convenient neighbourhood centre that suits the local area,” Stewart says.
The centre currently has some active shops including a Coles, Liquorland and an Indian restaurant.
One Central Coast resident told the Express Advocate in 2017 how he once remembered a “thriving and busy” centre.
“I have resided in the area for 38 years and have seen shops like a delicatessen, a real estate agent, a travel agent, a TAB, a tavern, an optometrist and a chicken shop disappear just to name a few,” Point Clare resident Henry Chisholm says.
This article from the Central Coast Express Advocate originally appeared as “West Gosford Shopping Centre sold to Parramatta developer”.