![Gateway Plaza has been sold to an unknown buyer. It was expected to fetch more than $70 million. Gateway Plaza has been sold to an unknown buyer. It was expected to fetch more than $70 million.](/images/transform/v1/crop/frm/379mw9XPZ7UFRqmwjWhGKkr/eabc829e-a3a8-40be-b911-a4ca998eb051.jpg/r0_83_1620_997_w1200_h678_fmax.jpg)
Mystery surrounds who has snapped up Warrnambool's Gateway Plaza.
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The complex, which was expected to fetch at least $70 million in what would have been the largest commercial property sale in the city's history, has been sold.
It was put on the market by Colliers in November 2022 and sold through an expressions of interest process.
Colliers declined to comment on the sale this week when contacted by The Standard.
Colliers selling agent Lachlan MacGillivray said last year the complex had substantial interest from a number of parties.
"This is an asset that continues to attract very strong interest from both private and institutional capital because of its location and dominance in the market," he said.
"It's an asset that's got balanced land adjoining it which gives the purchaser optionality around what they do moving forward.
"Last time around there was really strong interest in it and we're already fielding significant interest on it this time around."
The centre was sold for just more than $39 million in 2014 to Sydney-based investment group Armada Funds Management before the company was taken over by MA Financial Group.
Mr MacGillivray said sales of commercial sites like Gateway Plaza were common when funds neared the end of their term.
"Most of these funds have a life cycle," he said.
"When they reach the end of a term, they typically sell the assets."
Mr MacGillivray said sub-regional or medium-sized shopping centres had been gaining popularity in regional areas and tipped Gateway's sale to be the highest in Warrnambool's commercial sale history.
"There has been heightened investor activity for sub-regional centres particularly in regional locations, with (the past financial year) experiencing over $1.4 billion in ... sales nationally," he said.
"In terms of shopping centre sales, I'm not aware of any that would be bigger."
The Standard understands the new owner is expected to take over the centre in late May.
The centre has a number of new stores, including Connor, Dusk and the recently opened Boss Burger.
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