This article is from the Australian Property Journal archive
QIC Global Real Estate has paid $200 million for the Noosa Civic sub-regional shopping centre on the Sunshine Coast in the second largest retail property transaction this year.
QIC GRE bought the property from Stockwell Group.
QIC GRE managing director Robert Carter said Noosa Civic is a prime retail asset, which forms the major part of the Noosa Business Centre as defined in the Noosa Planning Scheme.
He added that the acquisition is aligned with QIC GRE’s strategy to develop a core portfolio of high quality retail assets that deliver strong investment returns.
“The property is also expected to benefit from the anticipated population and retail spending growth forecast on the Sunshine Coast during the next 10 years.
“Occupying a major activity centre site comprising 31.7 hectares, it is one of the key sub-regional shopping centres on the Sunshine Coast and is superbly positioned in an established trade area,” he added.
Stockwell Group managing director Mark Stockwell said Noosa Civic is a large and important part of Noosa’s economy, employing more than 1,000 people from the local community.
“I am very proud of what the Stockwell team has delivered and have enjoyed working with the Noosa community over the past 10 years to deliver this prime retail asset.
“There is great potential for future expansion at Noosa Civic,” he added.
Stockwell has encountered several hurdles with its redevelopment plans for the centre. In 2010, the Sunshine Coast council refused an application for a major stage three retail expansion to accommodate a new Myer department store.
Stockwell launch legal action in the Queensland Planning and Environment Court to challenge that decision but has since dropped that appeal.
Built in 2006, Noosa Civic comprises 25,000 sqm of space and is anchored by a Woolworths Supermarket and Big W discount department store, two mini majors, 83 specialty shops and the ‘Emporium’ bulky goods precinct comprising 17 tenancies, one petrol station and a commercial and business precinct comprising 22 tenancies. The centre also offers car parking facilities for 1,416 cars.
Noosa Civic will bolster’s QIC GRE burgeoning retail property portfolio which includes the Canberra Centre in the ACT; Castle Towers at Castle Hill NSW; Eastland at Ringwood VIC; Grand Central at Toowoomba QLD; Hyperdome at Loganholme QLD; Robina Town Centre at Robina QLD; Watergardens at Taylors Lakes VIC; Westpoint at Blacktown NSW; and Woodgrove at Melton VIC.
The transaction is also the second largest retail property deal this year, behind ISPT’s purchase of a 50% stake in The Myer Centre Brisbane for $366 million last month.
QLD’s retail market has exceeded $500 million in sales this year. QLD has outperformed all other states with 44% ($1.15 billion) of all Australian commercial property transactions this year, according to DTZ.
Property Review
