Friday 24 September 2021

Noosa Outlook Shopping Centre Anchored by IGA Sets New Records

What a year it has been already! Especially within the Commercial Real Estate sector. With property prices reaching an all time high, Your Commercial are proud to continually set new records.

 Your Commercial, along with Colliers, successfully closed the on-market Expressions of Interest campaign for the Noosa Outlook Shopping Centre at 63 St Andrews Drive, Tewantin. Selling this asset for $10.95 million meant achieving a 4.99% yield, setting the new record for an IGA anchored neighborhood shopping centre.

 Despite the ongoing COVID-19 conditions, there was unprecedented demand amongst buyers due to the limited number of prime assets presented to the market at that time, with the winning offer settling on a “site unseen” purchase.

 "We were fortunate to have so much genuine interest from buyers, particularly from Melbourne and Sydney. In the end, it was between a local investor and a Tasmanian based fund. GDA Group from Tasmania ended up purchasing the centre, leaving many of the local buyers disappointed”, said Damon Lewis of Your Commercial.

 Lachlan Persley, from Your Commercial, agrees in saying the Queensland market is becoming more sought after on the national scale. 

“We are still seeing a consistent amount of interstate buyers looking for tenanted investments in Queensland, as they see our commercial market to be a lot more stable,” he commented. "The listing of this property came via the relationship our leasing team had built with the vendor. He was so impressed by the initiative and drive our team displayed that he put us on as joint agents with Colliers."

 Based in one of Noosa’s highest growth suburbs, Tewantin, Noosa Outlook Shopping Centre is a free-standing neighborhood centre in a prime location, approximately 140km North of Brisbane.

 Anchoring the shopping centre is an award winning IGA, recently signing a new 10-year lease with extensive options. Supporting the ‘essential service’ anchor is a strong tenancy mix, focusing on convenience within a prosperous suburb. Recently undergoing a refurbishment, this fully leased centre provided the ideal investment with secure income, as the covenants in place can be considered ‘pandemic proof.’

 Chris McLeod of Your Commercial accredits the current pool of active buyers in assisting the record sale. “A lot of investors are looking for multiple tenanted properties as income producing properties.” he suggests, “these investors are happy to pay a lower yield for multiple tenancies.”

The commercial retail market is still strong, especially within the shopping centre sub-sector. 

 

Your Commercial has a large group of investors still wanting to purchase a property of similar value. Contact Chris on 0410 614 302 or chris@yourcommercial.com.au to discuss your property.