The Azzura Group is planning to offer its shopping centers at Byron Bay and Southport to take advantage of strong investor interest for retail investments.

Expressions of Interest close March 17 through CBRE’s Mark Witheriff and Lachlan Harris in conjunction with Ray White’s David Djurovich and Greg Bell.

“Azzura identified that both properties have strong cash flows,” Witheriff said. “However they are focusing on their core business of medium density development, and have been acquiring a number of new townhouse/residential sites throughout South East Queensland over the past 12 months.”

Witheriff said the centers would be offered for sale separately and were expected to generate broad ranging interest from investors right along Australia’s eastern seaboard.

“We expect the EOI campaign to attract attention from private investors, property funds and syndicates due to the fact that both centers offer a quality mix of national and local tenants,” Witheriff said.

“Both properties have significant exposure to major arterial roads and there is an opportunity in both cases to add significant value through refurbishment and repositioning. Ferry Road in particular has future potential for a significant mixed use development.”

The Byron complex occupies a prime high street site on Jonson Street in the heart of the northern NSW tourism capital. Byron was a tightly held retail precinct and the sale was expected to generate significant buyer interest.

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