Why Main Roads has paid $11m for shopping centre
A thriving community shopping hub has been bought in a privately-negotiated sale by the Department of Transport and Main Roads for more than $10 million.
Sunshine Coast
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A THRIVING community shopping hub has been bought in a privately-negotiated sale by the Department of Transport and Main Roads for more than $10 million.
The Warana Village Shopping Centre, home to cult favourite B Fresh Market Cafe, Patton's Discount Meats and Point Cartwright Seafood Market, was bought in early October by the Department.
It settled on both blocks, 239 and 245 Nicklin Way, Warana, on October 26.
The main 5242sq m portion of the shopping centre including B Fresh sold for $8.75 million, while the neighbouring 1200sq m site which housed the seafood market was snapped up for $2 million.
Shop owners at Warana Village Shopping Centre weren't phased by the change of ownership as their long-term leases were being honoured.
"It's business as usual,” award-winning Point Cartwright Seafood Market co-owner Janine Thomas said.
"As far as we're aware there's no change. They're still honouring long-term leases five to seven years in advance.
Other shop owners said the Department had "no plans at this point” for the site and they weren't concerned.
The shopping centre had been owned by Alb St Pty Ltd, which paid $5.1 million in December, 2005, and $1.475 million in August, 2006, for the respective blocks.
Alb St Pty Ltd's directors are listed as Brisbane-based Lorraine and Thomas Martin, understood to be a mother and son, who own other significant land parcels in the region.
Ms Martin was understood to be a prominent Brisbane businesswoman involved in the education sector.
Their other companies, Kaw 1 Pty Ltd and Kaw 2 Pty Ltd own more than 8000sq m of prime commercial land on Point Cartwright Dr, Buddina, and 1.29ha at the Kawana Marina on 12 Orana St.
In August, 2002, they paid $4.225 million for the commercial property on Point Cartwright Dr and in November, 2006, they splashed out $3.6 million on the marina site.
Savills had marketed the Warana Village Shopping Centre via an expressions of interest process back in 2016, but the almost-$11 million sale last month was negotiated privately between the owners and the Department.
A Department spokeswoman said the owners had applied to the State Government to have the property purchased as part of its Early Acquisition Policy for the CoastConnect project.
CoastConnect is an initiative to increase sustainable travel on the Sunshine Coast, but planning hadn't progressed much since 2011 when the route alignment was finalised.
The CoastConnect plans involve building a bus stop near the Warana Village Shopping Centre site.
The spokeswoman said several property owners had made applications for similar deals and land had already been acquired along Aerodrome Rd, Maroochydore, to accommodate future bus lanes and bus stops.
"No buildings will be demolished until works are close to starting on site. At this stage there is currently no funding allocated for construction,” the spokeswoman said.
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