Prime Noosaville Large Format Retail Centre sells for $20.15m

A private Brisbane-based family has acquired a large format Noosaville retail investment for $20.15 million, highlighting a continued buyer appetite for high-quality retail assets.

CBRE’s Michael Hedger and Louisa Blennerhassett negotiated the sale of the Gateway Drive property on a yield of 5.75%.

The fully leased, 4,446sqm Large Format Retail (LFR) investment is situated on a prominent 1.18ha site and is anchored by Officeworks and Club Lime, representing 58% of the gross lettable area (GLA). Complementary users include national retailer Intersport.

Strategically positioned opposite a Bunnings Warehouse on Eumundi Noosa Road, the property was snapped up prior to officially coming to market after initial discussions with prospective purchaser groups.

CBRE Director Michael Hedger said, “This transaction highlights the continued depth of the retail investment market, with our recent campaigns generating strong enquiry levels across all retail sectors. LFR and neighbourhood centres are in high demand, a trend we expect to continue given recent changes in the debt market.”

CBRE Sunshine Coast Managing Director Louisa Blennerhassett added, “The strong yield achieved, despite the asset having a short WALE of 1.4 years, demonstrates the strength of the Noosa market and the scarcity of retail investment opportunities, particularly in the LFR sector. Noosa is a tightly held market and this was one of the only opportunities to acquire a LFR property of scale in the region.”