Noosa Junction Plaza sold for $16 million, as investor demand for retail strong in Queensland

Noosa Junction Plaza sold for $16 million, as investor demand for retail strong in Queensland
Noosa Junction Plaza sold for $16 million, as investor demand for retail strong in Queensland

The Noosa Junction Plaza neighbourhood shopping centre on the Sunshine Coast has been sold for $16 million to OzProp Holdings.

The property attracted strong interest from investors, with more than 200 enquiries.

Noosa Junction Plaza is set on a corner site at the gateway to Noosa Heads and is anchored by a Prince’s SUPA IGA supermarket, a Target Country store and Sogo Irish Pub. There are other food and specialty tenants as well.

The centre was taken to market late last year via an expressions of interest campaign handled by Peter Tyson, Jon Tyson and Steven Lerche of Savills along with Sashi Makkapati and Nicholas Potter of Cushman & Wakefield.

Tyson said shopping centre had strong embedded real estate value, as it has a landholding of almost one hectare in Noosa’s main retail precinct.

“Noosa Junction Plaza boasts an irreplaceable, high-profile location in Noosa Heads backed by a strong tenancy profile with dual anchor tenants, IGA and Target Country,” he said.

“Quality retail investments remain in very strong demand from investors, and this offering attracted an enormous level of enquiry and multiple offers to purchase. The availability of similar properties has eased since 2014 and 2015, which is only intensifying the demand for the opportunities that do become available.”

Noosa Junction Plaza is a fully-enclosed neighbourhood shopping centre set on a 7,904 sqm site with a total gross lettable area of 5,090sq m. 

This sale follows on from Savills' sale of the Woolworths-anchored Southside Town Centre at Gympie late last year for $28.3 million.

Tags: 
Noosa Commercial Retail

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