Centrepoint Market Place Caloundra for sale in major auction

A pair of developers are parting ways with a multimillion dollar shopping centre on ‘the most high-profile site in Caloundra’ which has major redevelopment or investment potential.

Two developers have put a multimillion dollar shopping centre on “the most high-profile site in Caloundra” they’ve owned for more than two decades on the market.

The Centrepoint Market Place at 50 Bulcock Street, Caloundra is set to go under the hammer later in October.

Ray White Brisbane commercial agent Lachlan O’Keeffe said the property had huge redevelopment or investment potential as it was zoned for a maximum 10 storeys.

Mr O’Keeffe said with a site area of 2595sq m, it was the most high profile site in the Caloundra region.

“It’s not often something like this comes along,” Mr O’Keeffe said.

“There’s considerable upside, especially with that zoning and being a landholding of this size and scale.

“It caters to so many different options and provides that future proofing.”

The centre has 14 tenanted shops and two kiosks and comes with two street frontages.

It’s set to go under the hammer at an auction in Brisbane City on October 28.

Mr O’Keeffe said he predicted most of the interest would come from outside the region.

“This is the first centre we have sold on the Coast since the pandemic, but based on our other campaigns, 70 per cent of interest is coming from interstate,” he said.

He said the owners were long-time developers looking to “focus on their core”.

CoreLogic data showed Caspadale purchased the shopping centre in July 1996.

No sale price was listed.

ASIC documents showed Caspadale was directed by Rodney and Michael Tate of Maroochydore.

The centre was last on the market for 55 days in 2017 with a listed price of $8.5m.