OzProp Holdings buys Noosa Junction Plaza
Noosa’s star quality has proved a powerful carrot for investors, with the Noosa Junction Plaza neighbourhood shopping centre snapped up for $16 million after a competitive expressions of interest campaign.
The centre, which is a short drive from the acclaimed Hastings St precinct on Queensland’s Sunshine Coast, attracted more than 200 separate buyer enquiries, a sign of the ongoing strong demand for investment opportunities in the state’s popular neighbourhood retail sector.
Noosa Junction Plaza was taken to market late last year, with acquisitive Queensland-based boutique property investment firm OzProp Holdings the successful buyer.
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OzProp has been active in the South East Queensland commercial property market in recent months, divesting of a Freedom Fuels petrol station at Redbank Plains in Brisbane’s south west.
It has also recently purchased a mixed-use commercial property at 260 Brisbane St, West Ipswich, for $6.48 million, as well as an office and warehouse property at Newspaper Place, Maroochydore – both of which house APN News and Media.
The availability of similar properties has eased since 2014 and 2015, which is only intensifying the demand for the opportunities that do become available
Savills national director of retail sales Peter Tyson says Noosa Junction Plaza provides strong embedded real estate value, as it represents a large holding of almost one hectare of land in the heart of Noosa’s main retail precinct.
Noosa Junction Plaza is a fully-enclosed, neighbourhood shopping centre set on a prominent 7904sqm corner site at the gateway to Noosa Heads, with a total gross lettable area of 5090sqm. There is also basement car parking for 220 vehicles.
“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,” Tyson says.
“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 boasts an irreplaceable, high-profile location in Noosa Heads, backed by a strong tenancy profile
Noosa Junction Plaza is anchored by a Prince’s SUPA IGA supermarket, a Target Country store and the Sogo Irish Pub, as well as a number of food and serviced-based specialty tenants.
Its location on the corner of Sunshine Beach Rd and Noosa Drive, at Noosa Heads, means it is well positioned to service both locals and the strong tourist trade.
It is the third time Tyson and Savills have sold the centre.
The Noosa Junction Plaza sale follows Savills’ sale of the Woolworths-anchored Southside Town Centre, nearby at Gympie, late last year for $28.3 million.