Noosa Junction Plaza.
Noosa Junction Plaza. Contributed

Noosa Junction Plaza sale rides wave of investor demand

THE Noosa Junction Plaza neighbourhood shopping centre has been sold for $16 million after enquiries from 200 separate buyers.

The centre was taken to market late last year via an Expressions of Interest handled by Peter Tyson, Jon Tyson and Steven Lerche of Savills Retail Sales jointly with Sashi Makkapati and Nicholas Potter of Cushman & Wakefield.

The sale of the property to OzProp Holdings was negotiated by Savills' Peter Tyson. It was the third time Mr Tyson and Savills have sold the centre over many years.

Peter Tyson said Noosa Junction Plaza presented significant offering in the tightly-held Noosa Heads retail market.

The interior of Noosa Junction Plaza.
The interior of Noosa Junction Plaza. Contributed

He said the property also provided strong embedded real estate value, as it represented a large holding of almost one hectare of land in the heart of Noosa's main retail precinct.

"Noosa Junction Plaza boasts an irreplaceable, high-profile location in Noosa Heads backed by a strong tenancy profile with dual anchor tenants, IGA and Target Country," he said.

"Quality retail investments remain in very strong demand from investors, and this offering attracted an enormous level of enquiry and multiple offers to purchase. The availability of similar properties has eased since 2014 and 2015, which is only intensifying the demand for the opportunities that do become available."

The sale of Noosa Junction Plaza continues Savills dominance in the sale of retail centres throughout Queensland, with over 20 significant sales made over the past 12 months including a string of regional sales in North Queensland and the Gold Coast.

The Noosa Junction Plaza sale follows on from Savills sale of the Woolworths-anchored Southside Town Centre at Gympie late last year for $28.3 million.

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