Stockland's $5.1 million deal
STOCKLAND has bought out another major slice of retail space in Hervey Bay with the $5.1 million purchase of Central Square, right next door to the centre the company bought last year.
The centre was put up for sale in April after its Gold Coast-based owner decided to sell off his smallest asset.
The asking price at the time was more than $7 million.
Central Square houses Hogs Breath, Subway, Baskin Robbins, Noodle Box and several health businesses.
Hogs Breath and Subway had only recently signed decade-long leases when the centre went up for sale.
Stockland group executive John Schroder said the new buy was in line with the company's strategy to redevelop the existing Stockland Hervey Bay shopping centre.
"We recognise that Stockland Hervey Bay shopping centre is an important part of the community," he said.
"We are working through our internal processes for the $110 million redevelopment before we finalise a start date with our contractor.
"We will continue to keep the community informed."
Stockland has previously said the centre would become the largest shopping centre between Rockhampton and Maroochydore.
The redevelopment is expected to include the Fraser Coast's first Kmart store, a new flagship Coles supermarket and a variety of new national food and fashion stores.