Tenants told Wilsonton Shopping Centre in receivership

WILSONTON Shopping Centre owner Australian Retail Investment Opportunity is understood to have told tenants that the centre has been placed in receivership.

The centre was placed in receivership on June 7.

Business owners were told of the move by letter.

Tenants were informed ARIO was selling three of its major shopping centres including Wilsonton and two on the Queensland coast.

It puts doubt on the centre which is in the midst of a multi-million dollar redevelopment of which the first stage was completed in August.

The Chronicle understands tenants were advised rents may increase after the redevelopment's completion, pegged for late 2017, which prompted some shops to vacate the premises.

Some business owners at the centre have reported up to 25% loss in trade since the $70m redevelopment began in 2015.

ARIO purchased the centre in November 2013 for $54m, just shy of the $60m market experts had predicted it to make.

ARIO could not be reached for comment.

Topics:  toowoomba wilsonton shopping centre

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