Centro Properties Group, the Australian developer that posted a A$3.5bn loss last year, is selling its Surfers Paradise mall after failing to attract investors to replace those withdrawing funds.

Centro is seeking to offload the A$202m shopping center on Queensland’s Gold Coast to pay investors who exited MCS 11, the unlisted syndicate that owns the property, at the end of its term on 3 March, Melbourne-based Centro said in a letter to investors dated 9 March.