Centrepoint Market Place sells to investor for $7.325m
Six bidders have battled it out in a ‘hotly contested’ auction over the Caloundra Market Place shopping centre which sold to an investor for a seven-figure sum.
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A Sunshine Coast investor has snapped up a Caloundra shopping centre for a seven-figure sum at a “hotly contested” auction in Brisbane.
The Centrepoint Market Place at 50 Bulcock Street, Caloundra, sold under the hammer at auction for $7.325m.
The centre had a site area of 2595sq m and came with 14 tenanted shops, two kiosks and two street frontages.
It was sold through Ray White Brisbane which marketed it for redevelopment potential and a building height of 10 storeys.
Ray White Brisbane commercial agent Lachlan O’Keeffe said the centre sold under the hammer for $7.325m which left the sellers happy.
Mr O’Keeffe said the property was snapped up by a Sunshine Coast investor who knew the asset well.
“There were six registered bidders and 23 bids all up, it was pretty hotly contested,” Mr O’Keeffe said.
“The sale really demonstrates the pent-up demand for these types of assets with the amount of people looking.
“It was a significant land holding and in a real area of growth.”
ASIC documents showed the property was owned by company Caspadale which is 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.
Mr O’Keeffe said the sellers had been unable to find a suitable buyer through an expressions of interest campaign at the time.
“They also tried to sell it off market to a few buyers over the past four years,” he said.
“Then coming out of Covid-19 and seeing how well the market was performing, they saw a couple of other centres had success in auction. So they wanted to give it a go.”
The sale was the latest in a bunch of recent Caloundra sales, following a set of offices along Moreton Parade for $1.9m, a retail shop along Bulcock Street for $1.4m, and a shop and an office along Bulcock Street for undisclosed figures.
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