Ballina’s two largest shopping centres, Ballina Fair and Ballina Central, are both up for sale.
A few weeks ago the owner of Ballina Central, Mirvac, placed the centre on the market at a price believed to be $30 million. This has been followed by Colonial First State seeking expressions of interest for the Ballina Fair shopping complex.
Marketing agent Simon Rooney has said that he expected to receive offers for Ballina Fair in excess of $70 million. “There has already been a lot of interest from organisations and high net worth individuals” he said. “I feel pretty confident that we will be able to sell it by the close of the expressions of interest.”
With a fully leased net income target of more than $6 million a year, Ballina Fair as solid long-term leases with the three major tenants – Target (lease expiry 2024), Woolworths (initial expiry in 2018), and the Cinema. These three major tenants bringing $1.5 million (20%) of rental income.
Do you think it is a coincidence that both major shopping centres are for sale at the same time that the Ballina bypass is near completion or am I reading too much into this? Let us know in the comments below!
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