Along with other commercial properties, malls and their valuations have been battered by the disruption to traditional shopping from e-commerce and by the sharp rise in interest rates.
. Last year, the Coles and Kmart property was sold separately to a Sydney syndicate for $47 million.
“The opportunity is on strategy with our business to provide stable and higher returns for our investors in this higher interest rate environment,” Haben managing director Ben Finger said. The Townsville mall is anchored by Myer, Woolworths, and Big W and underwent a $180 million refurbishment a decade ago. The deal was brokered by JLL’s Nick Willis and Sam Hatcher.“Globally we are seeing capital re-emerge for retail assets, due to the growing evidence of assets’ forecast performance, relative value and underlying land and multifaceted nature, compared to other sectors,” Mr Willis said.