THE Jimboomba Shopping Centre is up for sale, casting doubt over plans for an upgrade to the retail site.
Stockland is selling the existing Woolworths Shopping Centre at 17 Cusack Lane, along with its 16.7 hectare greenfield site north of Jimboomba State School.
The centre was slated for a major redevelopment in new year.
The greenfield site would potentially have been developed as part of upgrade works, with approval already granted for the construction of a 21,566 square metre shopping centre on the block.
Stockland’s Queensland regional retail manager Natalie Myatt said the decision to sell was made after discussions with the company’s private Melbourne-based partners, which own 50 per cent of the site.
“Our joint venture partners expressed an interest in selling the asset,” she said.
“We’ve been in discussions with them and as part of that we’ve decided to put the existing centre and the greenfield site on the market.
“It was really driven by our JV (joint venture) partners, we didn’t want to be involved in a JV relationship where we had different priorities.”
Stockland’s 50 per cent share of the existing shopping centre is valued at $13.9 million.
Ms Myatt said any redevelopment of the centre would now depend on its purchaser.
“The DA (development application) is in place,” she said.
Stockland met with existing businesses in the centre on Wednesday.
“We met with them all yesterday and explained the process and the reasons behind the sale and they were all quite understanding and just had a few general questions,” she said.
“It’s business as usual, in terms of our managing the centre, while we go through the sale process.”
She said businesses which had expressed interest in the redevelopment had also been notified of the sale, despite Stockland having not reached terms with any.
The Jimboomba Shopping Centre has a gross lettable area (GLA) of 11,162 square metres and occupies a four hectare site.
Stockland purchased the centre in 2004 from Larry Klinge.
Expressions of interest on the shopping centre close on November 12.