Sold: The Moonee shopping centre has been sold to Gowings for $12.5 million.
Sold: The Moonee shopping centre has been sold to Gowings for $12.5 million. Trevor Veale

Moonee shops gone to Gowings

WITH 138 years of experience in retail and another 30 years in property, Gowings Bros Ltd certainly knew what they were doing when they became the new owners of the Moonee Beach Shopping Centre.

The company has been a fixture in Sydney retail circles for more than a century but now solely concentrates on retail property management.

Gowings has started to build up its presence on the Mid North Coast and last week added Moonee Beach to its current holdings at Port Central and Kempsey Riverfront Plaza.

Its next challenge will be to find tenants for the centre and turn it around.

It first opened in 2005 at a cost of $19.6 million and was sold to Mirvac Real Estate, previously known as JF Meridian Property Trust, for $31 million in February 2007. Gowings acquired the centre for $12.5 million.

Gowings Bros executive officer property, Stephen Byers, said the company viewed Moonee Beach Shopping Centre as a long-term investment and intended to be in the area for the long term.

“We like the Mid North Coast and we see it as a great area to grow with,” he said.

“We are not miracle workers but we will be getting in and having a go. It is always hard to build up a new centre when the area hasn’t grown as quickly as was planned.”

He said the centre would be concentrating on building up national brand tenants for convenient neighbourhood shopping in the service area.

He said the strength of Gowings was that it had been a retailer for more than a 100 years and a retail property manager for 30 years.

“We have an understanding of retail from both sides of the counter both as a landlord and as a retailer,” he said.



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