QUESTIONS have been raised about expansion plans going ahead at Wagga's Sturt Mall following reports the shopping centre is changing hands.
It comes just two months after a $33 million upgrade to the 10,200 square metre site was rubber-stamped by the Southern Joint Regional Planning Panel (SJRPP).
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Fairfax Media reported earlier this week that DEXUS Property Group - acting on an institutional mandate - was buying the centre for more than $60 million but those involved in the deal are remaining tight-lipped.
The Daily Advertiser yesterday sought comment from DEXUS and was provided the following in response: "DEXUS has not purchased the Sturt Mall in Wagga. We will not be commenting further on speculation."
The Advertiser has been told the deal "has not been done" at this stage but the company was buying it on behalf of a client.
Details about the client are unknown.
The head of retail investments with Jones Lang LaSalle, Simon Rooney, is advising DEXUS on the purchase.
The owner of the site, NSW Local Government Superannuation Board, and the mall's centre manager were also contacted about the sale but declined to comment.
The centre, which was built in 1978 and expanded in 1998, is changing hands on a yield of about 7.5 per cent.
Proposed upgrades to the centre - which went before the SJRPP on February 7 - include internal alterations to the existing mall and the provision of about 24 new tenancies.
The additions will result in an additional 8175sqm floor area and 68 parking spaces.
Construction of a new two-level car park deck and a new, 4200sqm, supermarket is also planned.