THE Eastpoint shopping centre is set to change hands, after going on the market earlier this month, less than a year after the new Woolies and Dan Murphy’s stores opened their doors.
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The Chinese investment company Everich paid close to $30 million for the development, about two years ago.
Tamworth Regional Council sold the land, formerly the site of the old Prince of Wales Park, for about $2.5 million.
Selling agent Cushman and Wakefield’s head of sales and investment David Lyons said the firm had been marketing the property for about three weeks.
“It was developed by a number of owners,” Mr Lyons said.
“The developers are ready to sell and realise their profits.”
Mr Lyon said the next owner of the shopping centre would be ready to capitalise on the long-term tenants in the centre on “ very strong leases.”
“Woolworths’ lease is for 20 years plus potential to extend,” Mr Lyons said.
Dan Murphy’s is also on a 15 year lease with options to extend as well.
Mr Lyons said there had already been some “strong inquiries” for the shopping centre, including local groups in Tamworth.
The centre will go up for auction on September 2, if it is not sold beforehand.
Tamworth Regional Council mayor Col Murray said he wasn’t disappointed see the investors selling on, less than a year after the shops opened their doors.
“It’s a normal business transaction, shopping centres get traded like anything else,” he said.
“It doesn’t impact too much on the region, it’s only the property.”
While there was some community backlash, when council sold the Prince of Wales park for the development, Cr Murray said the community’s return from the sale was already noticed.
“The sale of Prince of Wales park created a bit of interest in the community and there was a few that had commented negatively about that,” he said.
“But the result of that sale was the delivery of the new playground.
“That sale contributed about $1 million to the regional playground and helped create a large number of jobs.
“And from what I understand, business is going gangbusters and better than expected.”
Advertising for the Eastpoint sale estimates the site’s net income at $2,054,400.
The development is situated on a 1.45 hectare site, off Peel St, and the building boasts a floor area of 6,329 square metres.
The Woolworths store is one of the largest supermarkets in regional NSW.
Eastpoint was opened to the public at the end of 2015.
Jacob McArthur
Jacob McArthur is opinions editor for The Canberra Times and Australian Community Media. As part of the Canberra Times' production team, he helps the people of Canberra and beyond get the stories they need, when they need them across a range of platforms, while helping maintain a high editorial standard. Before moving to Canberra in 2020, he started with Australian Community Media in 2015 as a journalist for The Northern Daily Leader in Tamworth where he kept a close eye on Tamworth Regional Council. Jacob was also the co-host of ACM's Water Pressure podcast where he and Jamieson Murphy took a deep dive on issues and key decisions arising during one of the region's worst droughts on record.
Jacob McArthur is opinions editor for The Canberra Times and Australian Community Media. As part of the Canberra Times' production team, he helps the people of Canberra and beyond get the stories they need, when they need them across a range of platforms, while helping maintain a high editorial standard. Before moving to Canberra in 2020, he started with Australian Community Media in 2015 as a journalist for The Northern Daily Leader in Tamworth where he kept a close eye on Tamworth Regional Council. Jacob was also the co-host of ACM's Water Pressure podcast where he and Jamieson Murphy took a deep dive on issues and key decisions arising during one of the region's worst droughts on record.
