Traders ‘kept in the dark’ over City Centre Plaza sale

A CITY Centre Plaza retailer says traders are being kept in the dark about the sale of the Rockhampton shopping centre.

The retailer on Friday told The Morning Bulletin many were "frightened" about their future and frustrated they couldn't get answers.

Mirvac, the company that has owned the centre since 2008, announced on Thursday it had put the plaza on the market.

In a statement, Mirvac's retail group executive Susan MacDonald said the company was "looking to make the most of current interest in the city's retail sector and strong capital markets".

She said the 14,000sqm centre was nearly fully leased and trading well.

On Thursday, The Australian reported Mirvac had agreed to sell City Centre Plaza to 360 Capital Group, saying the centre's major retailers Target and Coles were committed until July this year and October 2019 respectively.

The centre has 34 specialty stores and 493 car parks. Last year, it was valued by Mirvac at $44 million, with an 8% capitalisation rate.

The centre retailer yesterday said traders were in a state of limbo. "Retailers are frightened as to who might buy the centre," the retailer, a spokesperson for a small group of traders, said.

"Some of these companies can be ruthless. A lot of the retailers are struggling at the moment…this could send many broke really quick."

The retailer said traders were struggling to get crucial further information after a letter about the proposed sale was dropped at the front counters of outlets this week.

"This is a stressful time," the retailer said. "They're not really saying anything…it seems everyone is ducking for cover."

The Morning Bulletin was unsuccessful in attempts to contact centre management and Mirvac in relation to the retailer's concerns.

Plaza sale

Last year, the centre was valued by Mirvac at $44 million, with an 8% capitalisation rate.

The 14,000sqm centre is near fully leased and trading well.

The centre's major retail tenants are Coles and Target and there are another 34 specialty stores and 493 car parks.

Topics:  business city centre plaza mirvac shopping

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