Craigie Plaza shopping centre on the market

CRAGIE Plaza shopping centre is on the open market for sale through Colliers International. The property consists of a Dewson’s supermarket with an FAL lease covenant and 16 speciality shops. The centre is currently 98 per cent leased, and the property is being sold by deadline, with offers to purchase closing on September 7. Industry players say the centre is expected to achieve a price of around $6 million. Adjoining the centre are the Craigie Tavern and AMF Ten Pin Bowling Centre, which makes the precinct a key focus of the suburb. The centre has a total net lettable area of 2,926 square metres. Colliers director of commercial and retail sales Ian Mickle said properties of this calibre did not come to the market often and strong interest from local and national investors was expected. He added that yields for this type of property had fallen significantly in recent years. “Recent sales of neighborhood centres in the eastern states indicate that a yield of below 8 per cent could well be achieved for this asset,” Mr Mickle said.

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