Fresh ownership opens way for new shops at Douglas centre

After the sale of a NQ shopping centre, there is a glimmer of hope for a new supermarket that the “area deserves and needs”.

An aerial view of the Riverview Marketplace shopping centre in Douglas.

Fresh ownership is set to breathe new life into a modern shopping complex at Douglas.

A Melbourne-based group has acquired Riverview Marketplace in Riverside Boulevard for $5.85m from former owners, Sydney-based Tennessee Property Holdings.

Colliers Townsville agent Aaron Power said two new tenancies had been leased in the centre so far — for a tobacconist and an NDIS client — and the search was continuing to find a new supermarket operator.

“There’s plenty of opportunity there and the new landlord is actively seeking new tenants for the property,” Mr Power said.

“As a priority, an operator is being sought for the supermarket space because that is what the local area deserves and needs.”

Aaron Power outside the Riverview Marketplace in Douglas which has sold for $5.85m.

Mr Power said the new owners had acquired the property at a considerable discount to what it would cost to acquire the site and build in the current market, which he estimated could be as much as $18m to $19m.

The land area is about 8300sq m and the property comprises a net lettable area of 4831sq m.

But the centre, which has existing tenancies including a medical practice, pharmacy, liquor outlet, fish and chip shop and health shop, has languished in recent years.

It has had subsequent IGA, Woolworths and IGA grocery operators and the 2200sq m supermarket space has been vacant for about 18 months.

Mr Power said the new owners were open to all options and may consider a reconfiguration of the supermarket space to attract a new operator.

But he believed that given the location and catchment the centre needed at least a convenience offer “in some shape or form”.

Mr Power said local residents, many of them professionals working at the university and hospital, had told him they wanted the ability to buy groceries in the area and not have to travel outside the suburb.

He said around 9000 people lived in the immediate catchment of the centre, the successful Riverside Tavern was trading opposite the property and major employment centres of James Cook University, the Townsville University Hospital and Lavarack Barracks were nearby.

Originally published as Fresh ownership opens way for new shops at Douglas centre