By JONATHON HOWARD
THE Noosa Village Shopping Centre on the corner of Gibson Road and Mary Street has sold for $25.1 million this week.
The centre was previously owned by Australian winemaker Wolfgang (Wolf) Blass who secured the sale through Walsh & Company on behalf of Australian Property Opportunity Funds.
Blass had owned the Woolworths-anchored centre since 1996 and had been seeking a buyer for the property for several years.
The fully-leased shopping centre, which covers 4400 square metres, was acquired on a yield of eight per cent per annum.
The Noosa Village Shopping Centre transaction was held by Chesterton International’s Glenn Conridge.
Chairman of Fund’s investment committee Stuart Nisbet, told Property Observer that the well positioned shopping centre attracted both locals and tourists.
“Noosa is well positioned to benefit from the ongoing growth in the south-east Queensland region and will continue to strengthen its position as a premium destination for retirees and tourists,” Mr Nisbet said.
The centre is anchored by Woolworths, which recently upgraded its self-serve registers, and the centre also offers an additional 21 specialty stores and 260 car spaces.
Major tenants include BWS, The Reject Shop, Amcal Chemist, Australia Post, Flight Centre, Optus and the Bank of Queensland.
Noosa Village Shopping Centre is fully occupied by national retailers accounting for 72 per cent of total income.
Director of Investments for Fort Street Real Estate Capital David Rogers said the centre will hold exceptional long-term results.
“Noosa Village Shopping Centre provides good long-term income growth potential, given its strong trading performance and low occupancy costs, and provides an attractive yield to investors at a time when interest rates are at all-time lows,” Mr Roger said.
The acquisition will be funded by the Fund’s debt facility with the Fund’s gearing moving to 40 per cent conservatively at the lower end of its 40 per cent to 50 per cent target.
