ONE OF the giants in the Australian retail industry is believed to be just weeks away from taking over the Centro shopping centre in Hervey Bay.
Top 50 ASX listed company, Stocklands, is deep in negotiations with the owners of the Bay's biggest shopping complex although no one can talk officially.
Centro was established in the mid-nineties by the Leda and Centro Properties groups and has dominated the Hervey Bay retail market since.
They presently have development approval for a $50 million second stage, but with Centro Properties still struggling for cash the project has been stalled.
Stocklands has no such problems, having recorded a profit of $334.6 million in the first six months of this financial year alone. The company operates 40 retail centres throughout Australia with a combined value of $4 billion. These centres turn over almost $5 billion in retail sales each year.
Stocklands' only comment was to say: As part of the usual course of our business, we assess a range of acquisition and divestment opportunities as they arise. We are unable to discuss individual deals or negotiations.
Since Stocklands started out in 1952 it has grown to become one of Australia's leading diversified property groups developing and managing a large portfolio of residential community, apartment, retirement living, retail, office and industrial assets.
It's understood new shop leases which had been discussed for the second stage of Centro Hervey Bay have been put on hold until after Stocklands completes a due diligence report.
The Centro sale figure is believed to be around $75 million.
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