Centennial Plaza sells for $13 million
ONE of the Snowy Monaro’s busiest retail precincts has been sold with Australian property fund manager, Natgen, recently purchasing Cooma’s Centennial Plaza.
The Brisbane-based company announced the acquisition last week, declaring its commitment to regional communities, such as Cooma.
Centennial Plaza is home to 15 retail and service provider tenancies, including Coles, The Reject Shop, Commonwealth Bank, Bendigo Bank, Ray White Real Estate, Nell’s Cafe and a range of service providers.
“This acquisition highlights our commitment to identifying opportunities in thriving regional communities like Cooma, in accordance to Natgen’s investment philosophy.
“The area benefits from the multi-billion dollar Australian Government investment in Snowy Hydro 2.0 and its strong economic pillars of tourism and agriculture,” Natgen managing director Steven Goakes, said.
The plaza has dual street access, 210 allocated parking spaces and four Tesla charges.
“While many businesses prepared to wind down for the festive season, we remained focused on delivering for our investors,” Goakes said.
“Securing Centennial Plaza before the year-end reflects our proactive approach to acquiring quality assets and setting the stage for strong returns in 2025.”
Natgen said it acquired the centre for $13.725 million which at around 40 percent below its independently assessed replacement cost was pivotal in offering investors an eight percent per annum tax-advantages income stream with a long-term value buffer.
Natgen plans to actively manage the asset over the next five to six years, saying it will leverage local expertise to reposition tenancies and enhance the centre’s value.
“An 18-month rental guarantee, negotiated with the vendor, ensure full income generation during this period as the team identifies and implements repositioning opportunities,” Mr Goakes said.
The company said the plaza is the region’s most prominent shopping and social hub, catering to local and tourists, and will delievr a new opportunity for its investors.
Article by The Monaro Post
Written by Nathan Thompson
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