Sale
Upon opening the centre drew high rental incomes for the city council. However, these revenues declined by the early 1990s due to competition with Bay City Plaza and the recession after the collapse of the Pyramid Building Society.
In 1993 the newly created City of Greater Geelong decided to sell the shopping centre. The Centre was advertised for sale by tender with a closing date of 15 March 1993. No bids were received, but an offer of $27 million was received in the following weeks. None of the bidders were willing to enter into a contract, so the council withdrew the property from sale in June 1993. The Council attempted to establish a linkage with the adjoining Bay City Plaza shopping centre but was unsuccessful.
The decision to put the centre on the market again was made in September 1995.In January 1996 a minimum reserve price of $34.5 million was set. The centre was sold for $32 million when the contract of sale was signed on 12 March 1996, with a settlement date of 28 June 1996.
The centre is currently managed by Knight Frank Australia Pty Ltd.
Read more about this topic: Market Square Shopping Centre
Famous quotes containing the word sale:
“I keep thinking that what I need
to do is buy my leg back.
Surely it is for sale somewhere,
poor broken tool, poor ornament.
It might be in a store somewhere beside a lady’s scarf.”
—Anne Sexton (1928–1974)
“[T]he dignity of parliament it seems can brook no opposition to it’s power. Strange that a set of men who have made sale of their virtue to the minister should yet talk of retaining dignity!”
—Thomas Jefferson (1743–1826)
“People buy their necessities in shops and have to pay dearly for them because they have to assist in paying for what is also on sale there but only rarely finds purchasers: the luxury and amusement goods. So it is that luxury continually imposes a tax on the simple people who have to do without it.”
—Friedrich Nietzsche (1844–1900)