This article is from the Australian Property Journal archive
A THIRD shopping centre in North Queensland is on the market through Jones Lang LaSalle.
JLL’s head of retail investments Simon Rooney and Jacob Swan have announced the planned sale of Noosa Fair Shopping Centre.
“Our research indicates that the Queensland retail market will remain strong. This dynamic Queensland retail asset has significant value add potential and we expect strong national interest in this offer, particularly given the prestige Noosa holds on the national radar.
“The 7,900 sqm highly successful neighbourhood shopping complex is anchored by a strongly trading Coles Supermarket, together with a mini major, 24 specialty tenancies, eight commercial tenancies, a kiosk and three ATMs, and promises major potential for future redevelopment and expansion (subject to council approval),” Rooney said.
The centre has a fully leased net income of approximately $2,628,000 per annum.
Rooney said the landmark retail/commercial site area was approximately 2.82 hectare with dual street access and at-grade parking for around 429 vehicles, with major frontage of 200 metres to the busy Lanyana Way.
Swan said the Sunshine Coast was not only a leisure hotspot, but increasingly a retail and investment property hub.
“Over the last few years, the Sunshine Coast region has shown exceptional population growth and continues to attract strong levels of migration due to a combination of lifestyle and affordability factors.
“This has resulted in the area being the second fastest growing region in Queensland over the past two years,” he added.
Key developments set to proceed in the subject area include the five star $180 million Viridian Spa development set on 19 hectares at Noosa Heads and the Element on Coolum development. Located on the former Coolum caravan park, the $100 million houses a 155 apartment residential complex with an additional retail component.
The Expressions of Interest program closes on April 10.
Australian Property Journal
