IGA Collinsville Plaza, Stanley St to go to auction

The only shopping centre in one of Queensland’s most historic mining towns is set to go to auction, as it’s revealed how much you could earn owning it.

The only shopping centre in one of Queensland’s most historic mining towns is set to go to auction.

The IGA Collinsville Plaza in Stanley St is being brought to market by Ray White Commercial Queensland agents Lachlan O’Keeffe and Michael Feltoe.

Anchored by Cornetts Supermarkets who have leased at the plaza for 27 years, the centre offers an estimated fully leased net income of $203,776 per annum, and sits in the heart of Collinsville, a historic coal mining town first established in 1921, situated 90km west of Airlie Beach.

“There are many significant drawcards to this centre, not least the longstanding track-record and tenure of the operator Cornetts Supermarkets IGA who have just renewed for a further 10 years to 2032,” Mr O’Keeffe said.

The IGA Collinsville Plaza is on the market, due for auction on October 14.

IGA Collinsville Plaza continues a string of regional Queensland IGA supermarket properties brought to auction in the previous 24 months.

Regional shopping centres are often held for generations due to their low maintenance, lack of competition and excellent cash flow.

When they come up for sale, they are usually heavily contested.

Mr Feltoe said this trend was expected to continue.

“The previous two years through the pandemic really shone a light on how resilient and essential supermarkets have been, especially in regional Queensland,” Mr Feltoe said.

“It comes as no surprise that we have seen a significant uptick in demand from investors, most notably interstate based, who are seeking shopping centres with reliable supermarket anchors.”

IGA Collinsville Plaza will be put to auction from 10.15am on October 14 if not sold before.

Originally published as IGA Collinsville Plaza, Stanley St to go to auction