Maitland Central Business District’s largest landholding, Hunter Mall shopping centre, is poised for sale.
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Savills Australia listed the property for sale through expressions of interest and is in the final stages of negotiation with a likely purchaser.
Hunter Mall is located in the heart of Maitland’s commercial centre in The Levee precinct.
Its main tenant is Kmart. The Maitland store has consistently outperformed industry benchmarks and has been one of Wesfarmers’ best performers.
Maitland’s Hunter Mall recently underwent an $8 million upgrade to shops and internal finishes designed to bring shoppers back to central Maitland.
The upgrade included a redesign of the common mall, new lighting, ceiling and flooring. It also involved the reconfiguration and upgrade of the Kmart store including a new shop front and the addition of two main major tenancies, new amenities and a food court.
Fairfax Media reported that the upgrade was expected to excite shoppers when it opened alongside The Levee lifestyle precinct.
Best&Less moved into the Hunter Mall in 2014 which completed the first stage of the redevelopment.
In July last year contractors started the next stage with fresh tiling, brighter lights and a new ceiling with timber feature panels. Some major tenants, including Kmart followed suit with their own refurbishments.
Savill’s report that the estimated annual net income for the site when fully leased is $1,825,679.
