Shop­ping cen­tre sells for $2.5m

Big plans ahead for Al­len­stown cen­tre

The Morning Bulletin - - NEWS - MADDELIN MCCOSKER Maddelin.McCosker@cap­news.com.au

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.”

Photo: Allan Reinikka ROK140918arealest

REAL DEAL: Real es­tate agent Joseph Ire­land at the re­cently sold shop­ping cen­tre in Al­len­stown.

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