Noosa Junction Plaza has been sold for $35.2 million to an interstate private investor, in a deal that points to continued interest in well-located retail assets along the Queensland coast.
The off-market sale was handled by CBRE’s Michael Hedger and Joe Tynan on behalf of OzProp Capital and represents a fully leased yield of 5.31 per cent.
Situated on a 7904sqm site at 81 Noosa Drive, the 5126sqm shopping centre includes a Seasons IGA supermarket, KHub, and 4 Pines Brewery, along with 17 specialty tenants.
“This transaction highlights the continued depth in the retail investment market with strong investor appetite for quality neighbourhood retail centres, particularly those underpinned in irreplaceable locations such as Noosa that also have significant underlying land value,” said Michael Hedger.
OzProp Capital purchased the centre nearly a decade ago for $16 million and later carried out refurbishment and tenant upgrades. According to CBRE, the group reported achieving a 15 per cent IRR for investors during its ownership.
The company has been active in retail and industrial property over the past two years, with total transactions exceeding $120 million.
CBRE said the sale is the third retail transaction completed in the Noosa region in six months, with deals in the area totalling about $90 million.
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