Mintus buys Gosford mall
A privately owned Parramatta developer, Mintus, has purchased West Gosford Shopping Centre for $23 million from property manager ISPT and Coles, adding another asset to its growing portfolio of established neighbourhood centres.
ISPT and Coles had previously announced that they were exploring options to redevelop the aging centre, but now appear to have passed on the baton.
The single-level neighbourhood centre on Brisbane Water Drive, West Gosford, sits on a sprawling 17,559sqm site with a gross lettable area of 9249sqm. According to news.com, it has been semi-vacant for years, with several shops closing in 2017.
The centre still includes a few active shops, however, including a Coles, a Liquorland and an Indian restaurant.
The property was sold off-market by Steven Lerche and Andrew Palmer of Savills Australia, who said the centre would certainly benefit from redevelopment or refurbishment, but that it was well-located in a large and growing catchment area.
The municipality is focused on facilitating this growth. Its “Gosford City Centre Masterplan 2031” seeks to revitalise the city centre and sustainably manage that projected growth. It has targets of an additional 10,000 residents and 6000 new jobs by 2031.
According Ben Stewart, director, retail and residential, at Mintus, “West Gosford represents a fantastic 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.”