Rainbow Beach Shopping Centre sells at auction for $4.43m

Doing business in paradise has cost one buyer a pretty penny after Rainbow Beach’s main shopping centre and final pit stop en route to Fraser Island (K’gari) sold at auction. DETAILS:

Rainbow Beach’s main shopping centre has been snapped up for a seven-figure sum after going under the hammer at a tightly contested auction.

The popular shopping hub, which includes IGA as its main tenant, sold for $4.43m earlier this month.

A statement from realtors Ray White Commercial said the centre was bought a private Queensland investor, who outbid five others.

Agent Lachlan O’Keeffe said there was strong interest for the shopping hub.

“Most people who have been to Fraser Island (K’gari) would know this centre as the last inbound stop of the journey,” Mr O’Keeffe said.

“Considering the regional location, we were pleasantly surprised with how well the centre was known by private investors all across Australia.”

Ray White Commercial's Lachlan O’Keeffe said the Rainbow Beach centre was well-known among potential investors Australia-wide.

Agent Michael Feltoe, who was part of the sales team along with Paul Butler and David Brinkley, said the centre had drawn countrywide interest.

“The primary draw card was the long-term track record of the IGA supermarket anchor, and the bright future Rainbow Beach has demonstrated with its post-Covid bounce back,” he said.

“Both of these factors were the primary draw cards which lead to the high volume of 254 inquiries”.

Rainbow Beach Shopping Centre is the fifth retail hub in the Gympie region to be sold in the past decade.

The 2369m sq block is at the corner of Rainbow Beach and Carlo roads.

It is the fifth shopping centre to be sold in the Gympie region in the past decade.

In early 2021 the Cooloola Cove shopping centre sold for $18.6m, while in 2017 Goldfields Plaza in the centre of Gympie sold for $27.5m.

The Southside Town Centre sold for $28.3m in 2015, and that same year Gympie Central – home to tenants including Big W and Woolworths – sold for $63.8m.