Riverside Plaza Shopping Centre sold for eight-figure price
Riverside Plaza has been sold by Knight Frank. Picture: Supplied
A LAUNCESTON shopping centre has been sold in one of Tasmania’s top deals of the year so far.
With a high level of inquiry and a multimillion-dollar result, confidence in northern Tasmania’s commercial sector remains sky-high.
Knight Frank Tasmania has announce the exchange of an unconditional contract of sale for Riverside Plaza at $14m.
The West Tamar Rd asset was purchased by a private investor who is based in Victoria.
Riverside Plaza is a convenience-based centre anchored by a long-term lease to Woolworths Ltd and multiple retailers.
The property measures 11,531sq m, with the site just 5km from the Launceston CBD.
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Riverside Plaza.
Riverside Plaza.
The centre, which is 100 per cent leased, incorporates a refurbished 2382sq m Woolworths supermarket and seven specialty retailers, plus 215 car parks.
The asset is secured by a long-term lease to Woolworths Ltd to 2031, with options to 2051.
Riverside Plaza was sold by Knight Frank agents Nicholas Bond, Cale Ayers and Scott Newton.
Knight Frank director Nicholas Bond said the property appealed to potential buyers in numerous ways.
“Apart from Riverside’s attractiveness to investors as a popular ‘daily needs’ centre with an ASX-backed major lease covenant and strong trading performance, the centre also has the advantage of limited direct supermarket competition in its main catchment,” he said.
Riverside Plaza.
Riverside Plaza.
“It provides a compact and popular centre with a manageable number of speciality tenants.
“Confidence in the northern Tasmanian market was evident during the campaign, with Knight Frank fielding over 90 inquiries.”
While sales at this level are not an everyday occurrence, the Launceston market has a history of transactions in this very top end of the market.
In 2022, the Bathurst St home of PetBarn and Nuts & Bolts fetched over $13m.
In Invermay, also in 2022, a property leased to The Good Guys was sold at auction for $11m.
