Goldfields Plaza a $27.5m nugget for Lascorp

A Queensland country shopping centre is set for a major facelift after being snapped up by a leading retail developer, for a cool $27.5 million.

The Melbourne-based Lascorp Development Group purchased Gympie’s Goldfields Plaza earlier this month following a flurry of interest from the market.

The bustling site is anchored by a Coles supermarket and a Target department store.

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Lascorp’s head Michael Lasky says the property shows great potential and is flagging a major makeover after the centre has remained unchanged for several years.

“We like Goldfields Plaza,” Lasky says.

“It is centrally situated next to the town’s centre, has great parking and is underpinned by a very strongly trading Coles supermarket.

“We feel we can apply our expertise and add value to the centre through repositioning the mall and specialties.”

The development group are experts in retail refurbishments with more than 40 years experience on eastern seaboard projects.

The shopping centre is anchored by a Coles supermarket.

Plans for the mall include refreshing the facade, opening up the centre for better line of sight between stores, new shops, amenities and an overhaul of traffic flow around the facility.

The $27.5 million deal was brokered by Savills’ Peter Tyson and Jon Tyson, reflecting a 1.1% book value.

Tyson says the sale comes as local shopping centres continue to be a popular asset class among investors.

Following the renovations, Savills’ Peter Capps will lead the charge in leasing the repositioned centre.

“It is easy to see that following the refurbishment, Goldfields Plaza will be the most convenient food and service offer in the local market,” Capps says.

“We will be targeting key food and service lines, rather than discretionary spending.”

The Gympie mall purchase follows the sale of group’s refurbished Morningside Plaza Shopping Centre in Brisbane for $23.8 million.