Shopping centre sells for $2.5m
Big plans ahead for Allenstown centre
A ROCKHAMPTON strip mall is set to get a new lease on life with a Rockhampton businessman purchasing the property.
The shopping centre on the corner of Dean and Kerrigan Streets in Allenstown was sold for between $2.4 million and $2.5 million.
Joseph Ireland, principal of Raine and Horne Real Estate, said the shopping centre was a great buy at that price.
According to Mr Ireland, the landmark shopping complex was in a prime location.
“The buyers were very astute when they purchased the property,” Mr Ireland said.
“The shopping centre is on two traffic corridors, so it is a great location.
‘‘ THEY HAVE SOME BIG PLANS FOR IT, BUT THEY ARE GOING TO HAPPEN LATER, TOWARDS THE END OF 2019. JOSEPH IRELAND
“It is an established area, which is key.
“It is also the gateway to Mount Archer and the gateway to the city.”
Mr Ireland said the new owner, a Rockhampton businessman who wished to remain anonymous, already had plans to improve the property, which includes eight stores.
“Now that it has changed hands, it is going to get a new lease on life,” he said.
“They have some big plans for it, but they are going to happen later, towards the end of 2019.
“First off it is going to have some maintenance done to bring it up to standard and then they will improve it.
“But they want to figure out which improvements are going to benefit the tenants.”
For Mr Ireland, purchases like this are signalling good things are returning for the Rockhampton commercial real estate market.
“I just see that the people who bought this property realise the true potential in Rockhampton,” he said.
“And at the moment it is definitely a buyers’ market.
“We find that there is definitely movement in the commercial area and there are lots more people looking to invest in Rocky.”
REAL DEAL: Real estate agent Joseph Ireland at the recently sold shopping centre in Allenstown.