Drakes Supermarket strategically acquires Gympie Marketplace for $9.3 million

Gympie Marketplace has changed hands for the first time in over 10 years after anchor tenant, Drakes, acquired the property in a strategic transaction valued at $9.3 million.

The sale was managed by CBRE’s Harrison Coburn and Mikaela O’Farrell, who led a competitive Expressions of Interest (EOI) campaign. The property was secured on a cash unconditional basis, reflecting a 6.91% fully leased yield.

Located at 12 Reef Street, the centre occupies 7,888 sqm freehold site in the heart of the Gympie CBD, 67km north-west of Noosa and 170km north of Brisbane.

The asset comprises a well-established 3,296 sqm neighbourhood shopping centre anchored by a high-performing Drakes supermarket. The centre is further supported by a resilient and diverse tenancy profile, including Malouf Pharmacies, Cellarbrations, and Channon Street Medical Centre.

Drakes Supermarkets General Manager Bob Soang said, “We plan to immediately invest in a significant cosmetic upgrade to the store, with works scheduled to commence before Christmas. The acquisition of Gympie Marketplace reinforces our long-term commitment to the region, and as a group, is something that we extremely excited about.”

Mr Coburn noted that CBRE continues to observe strong activity levels for well-established retail investments such as Gympie Marketplace that can be purchased significantly below replacement costs.

“The EOI campaign attracted 111 enquiries and generated eight competitive offers at close. The future value add potential, resilient and diversified tenant mix and strong performing anchor tenant were all key drivers for buyers,” added Mr Coburn.

“We are experiencing strong enquiry levels across all campaigns in all sectors and we expect this demand and buyer depth to continue for the remainder of 2025 and into 2026,” said Ms O’Farrell.