Pialba Place shopping centre sells for $36M, new plans to develop
PIALBA Place Shopping Centre is set for major changes after being bought by national boutique property company, M/Group.
M/Group identified Pialba Place as having significant development potential before securing the property for some $35 million in an off-market agreement.
It is the third sub-regional shopping centre M/Group has acquired across Australia for the purpose of transformation, with the initial two sites already reaping the benefits of the company's work.
M/Group Director, Mr James Collis, said the strategy is always to identify opportunities that already offer a prosperous business and established community, and add value and infrastructure to make it even better.
"Pialba Place is already a great shopping centre. It is extremely well located and backed by a good local economy, growing population and a number of blue-chip tenants, including Coles and Big W," he said.
"As a boutique property company with expertise in shopping centre development and marketing, we look to develop plans to improve the shopping experience for customers, attract a broader retail mix and reposition the Centre by creating an environment more suited to the demographic.
"This model has been extremely successful with our first two shopping centre acquisitions, and there is no reason to believe Pialba Place will not follow suit."
The acquisition of Pialba Place includes a 4.38 hectare site that occupies an island block surrounded by three street frontages and additional land to be developed.
Plans are already underway for imminent improvements which will include linking the two existing malls together and adding some diversity to amenity and retail mix.
"M/Group has already started work in identifying a number of opportunities for the shopping centre, including a gap analysis that provides several prospects for future retail," Mr Collis continued.
"We are extremely excited to be part of the Hervey Bay community and look forward to the local feedback as plans progress and we deliver an enhanced regional hub."
M/Group currently owns and manages Wodonga Plaza in Victoria and Chester Pass Mall in Albany Western Australia.
Both shopping centres have recently received significant investment through development planning and refurbishment, which has both attracted new tenancies and dramatically increased the property's value.
Settlement of Pialba Place this month.
M/Group is a Perth-based company that incorporates expertise in built form, land development, construction, income-producing assets and property management.