New stores and a makeover is part of a plan to revive Terrace Central shopping centre its new owner has revealed.
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Property investment and management company Panthera Property Group, which purchased the Raymond Terrace shopping centre for $33.5 million in June, said it plans to expand its retail offering and make improvements to the internal appearance.
“We’re currently planning ways we can introduce exciting new shops and also make visiting the centre a more pleasant experience for the community,” Chakyl Camal, chief executive at Panthera Property Group, said.
The sale was settled in November.
Panthera Property Group also bought Maitland Riverside Plaza (formerly Hunter Mall) in 2017.
The group have since upgraded the property, introduced ALDI to the centre and started regular community events.
“At Maitland Riverside Plaza we’ve seen huge success with school holiday events and family activities and will be looking to create the same community atmosphere at Terrace Central,” Camal said.
“We’re very excited to be taking over the centre at the busiest time of year and want to make it as magical for shoppers as possible.
“We’re interested in hearing what the community would like to see within the shopping centre so that we can make it a better place to shop.”
Commercial real estate firm JLL Australia negotiated the sale of Terrace Central on behalf of Vicinity Centres.
David Mathews, JLL’s director of NSW sales and investments said the sale of Terrace Central generated “significant interest” from syndicators and private investors.
“[They] were attracted to the Centre’s dominant food, service and convenience-based offerings [and] exceptional income security via a long term lease to Woolworths,” he said.
Terrace Central sits on a site area of approximately 17,190sqm.
In addition to Woolworths, the centre includes 25 shops, five ATMs and 278 parking spots.
Mr Camal said the shopping centre’s central location, convenient parking and “potential” were what made it appealing to buy.
Terrace Central was not the only Port Stephens shopping centre that was sold in 2017.
Real estate investment trust Charter Hall Retail REIT bought Salamander Bay Shopping Centre in May, paying $174.5 million for the complex that has more than 55 stores including Woolworths and Coles.
Also read: Salamander Bay centre in new hands