Rainbow Beach Shopping Centre for sale at auction

A retail hub that sold for almost $4million to a Noosaville investor 15 years ago is up for grabs again. Here are the details:

A decade of big sales for Gympie region shopping centres is set to continue with the Rainbow Beach Shopping Centre to go under the hammer.

The centre last changed hands in December 2007, when the nine shops were bought jointly by Noosaville-based Eldene Pty Ltd and Turnerhall Pty Ltd for $3.75m, CoreLogic RP Data shows.

It was the second time that year the centre was sold; in February 2007 it had been bought by Bernmatt Pty Ltd for $3.05m.

The centre’s main tenant is IGA, which has called the Rainbow Beach Rd centre home since 2006.

Realtor Ray White Commercial said the supermarket would remain there for at least another five years, having renewed its lease until 2027.

Agent Michael Feltoe said in a release about the auction that it meant the centre had a stable, high performing retail anchor.

The shopping centre, located at the intersection of Rainbow Beach and Carlo roads, is the only shopping centre in the popular Cooloola Coast tourist town.

“IGAs in Queensland have performed exceptionally well since the beginning of the pandemic, with average sales growth in excess of 15 per cent across the state,” Mr Feltoe said.

The centre will be auctioned on Friday, August 5, 2022, at 10.15am.

Its appearance on the open market is the latest development in which the region’s retail hubs have proven to be big ticket items.

Less than 18 months ago, at the start of 2021, Cooloola’ Cove’s main retail hub sold for $18.6m.

Four years earlier one of Gympie’s three major shopping centres, Goldfields Plaza anchored by Coles supermarket and K Hub, sold for $27.5m according to RP Data records.

In 2015, the Southside Town Centre, anchored by Woolworths, sold for $28.3m and in 2013, Gympie Central Shopping Centre, anchored by Woolworths and Big W, sold for $63.8m.