Coffs Coast shopping centre listed on market
GOWINGS Bros Limited is considering selling Moonee Market - the Coffs Coast shopping centre comprising anchor tenants Coles and Liquorland.
The company board announced to shareholders on Friday that it has started a process calling for expressions from interested parties to purchase the Northern Beaches shopping centre.
The sale process will be conducted by Sydney firm CBRE.
"The board of Gowings continually reviews and assesses its asset class allocations and portfolio of investments, and in this context believes it is an appropriate opportunity to explore its options in relation to Moonee Market," Gowings advised the stock exchange.
Gowings obtained the then Moonee Marketplace in 2010.
North of Sydney, Gowings owns the North Coast Shopping Centre chain comprising Coffs Central and Port Central.
Gowings also owns a land development block on the Jetty strip in Harbour Dr (the former Forestry building) and is undertaking a residential housing estate known as Sawtell Commons.
The company explained to the market that the Moonee Market has a diverse range of retailers including a Coles supermarket, a child care, swim school, a dog grooming centre, medical centre and a dining precinct.
"The centre has a fully leased net annual income return of approximately $2.3 million," the company stated.
Managing director John Gowing advised that: "There is no guarantee at this stage that a transaction will eventuate from this process.
"Gowings will continue to comply with tis obligations under the ASX Listing Rules and inform the shareholders of any market sensitive developments.
"Gowings is receiving strategic advisory services from Monash Private Capital on this matter."