Caloundra shopping centre expected to attract high demand from investors
A neighbourhood shopping centre on the Sunshine Coast is expected to receive ‘unprecedented’ interest from developers and investors when it hits the market.
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Caloundra’s wave of investment is destined for another boost with a popular neighbourhood centre to be listed for sale.
Brisbane property investment firm Marquette Properties is selling Caloundra Village after purchasing the neighbourhood centre in 2017 for $18m.
Since then the shopping precinct has had a full refurbishment.
Property firm JLL is selling the centre which sits on a large block that can be developed with up to five storeys.
The Bingera Tce centre is anchored by Seasons IGA supermarket which has a new 15-year lease.
It comes as the southern Sunshine Coast suburb experiences a wave of investment with several key Caloundra sites selling to major developers for a combined more than $40m in less than two years.
The sales have led to some developers lodging plans with Sunshine Coast Council for major projects including the $250m Paloma Paloma complex and $95m Verre Caloundra.
Centrepoint Market Place shopping centre at 50 Bulcock St also sold for $7m to Shadforths Civil Contractors.
Managing director Ray Shadforth said he had no immediate or medium term plans to redevelop.
Marquette managing director Toby Lewis said the firm completed a “thorough” refurbishment at Caloundra Village over the past few years.
“We have undertaken a thorough refurbishment aimed at improving the centre’s appearance, functionality and performance; and invested to ‘future proof’ the asset for an incoming owner,” Mr Lewis said.
It is on a 7,764sq m site with flexible major centre zoning.
JLL senior director and joint head of retail investments Jacob Swan said demand for quality retail assets in premier coastal catchments was at record levels.
“With over $2.5bn of neighbourhood transactions completed nationally in 2021, we are expecting an unprecedented amount of demand from the market,” Mr Swan said.
He said the centre’s history of strong tenant retention was also attractive.
The property will be listed for sale this week.
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Originally published as Caloundra shopping centre expected to attract high demand from investors
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