Another Noosa shopping centre sells
OzProp has sold a Noosa Heads shopping centre held nine years for a fund.
Noosa Junction Plaza at 81 Noosa Drive (outlined, image, top) is speculated to be selling to executives behind Netwealth Group.
The $35.2 million result reflects a 5.31 per cent leased.
OzProp paid $16m then renovated.
CBRE’s Michael Hedger and Joe Tynan brokered the off-market disposal.
Noosa Junction Plaza
On 7904 square metres at the corner of Sunshine Beach Road, the Noosa Heads complex is anchored to Seasons IGA.
With 5126 sqm, KHub and 4Pines Brewery are other occupiers.
There are also 17 specialty stores.
It is fully occupied.
“With continued pressure on construction costs and feasibility challenges, we are seeing well established centres that have strong trading performances coupled with replacement cost that sit well above pricing highly sought after,” Mr Tynan said.
The deal comes two years since Hamill Group founders Daniel and Kylee Burke bought Poinciana Place at Tewantin, seven kilometres west of Noosa Heads, for $17.5m.
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