The Maryland Shopping Centre has been purchased by a Newcastle-based syndicate with the promise it has “big things” in the pipeline for the retail hub.
That will include at least $3 million in improvements in the short to medium term.
“The centre itself was attractive because of how under-serviced we believe that particular residential area is from a retail perspective,” said Gavan Reynolds, a spokesperson for the new owners.
“We have close friends and family members that live in that area that are having to travel significant distances to places like Glendale and Wallsend just to do their supermarket shopping.
“For too long now the asset has been neglected and the local community and existing retailers deserve better.”
The syndicate paid $7.5 million for the centre after the former owner Billcotta Pty Ltd went into receivership.
Mr Reynolds believed “there is so much potential for the centre”.