GOULBURN Plaza is up for sale.
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The centre, acquired in 2000 by the Federation Centres, is looking to fetch some $65 million.
General Manager of External Affairs for Federation Centres, Brandon Phillips, told the Post the sale of the facility was not born from ill-success. Rather, a reshuffling of the company portfolio.
“We manage quite a large portfolio of 60 odd shopping centres and from time to time we change our portfolio strategy. It’s not necessarily about that particular centre but about the overall portfolio strategy.
So yes, Goulburn Plaza is on the market,” Mr Phillips said.
“There is no suggestion the centre will close.”
A report by The Australian earlier this week listed a $22 billion company merger with Novion Property Group as a motivator behind the decision.
Still, it is understood Goulburn is the only regional centre up for grabs, with a turnover of some $105.8m and an eight per cent capitalisation rate.
The centre, opened in 1980, has been the home of speciality stores and department stores including Kmart, the Commonwealth Bank and Coles supermarket. It underwent rebranding last year from Centro to the Plaza.
Commercial realtors Colliers International are handling the sale. They are yet to return request for comment.