QIC GRE has sold its interest in Noosa Civic to Stockwell for a value reflecting a cap rate of 6%. The transaction was brokered by Lachlan MacGillivray and Stewart Gilchrist of Colliers International.
The centre occupies 31.73 ha of land, 20.46 ha of which is undeveloped, presenting the potential to further develop the region’s premiere employment hub. Noosa Civic is located 150km north of the Brisbane CBD, within the exclusive township of Noosa, an area renowned as one of Queensland’s and Australia’s premiere tourist destinations.
It is configured across three precincts that collectively consist of Noosa Civic Shopping Centre; a highly prized shopping centre, Noosa Emporium; a large format retail complex, and Noosa Civic Business and Commercial Centre.
The total trade area served by Noosa Civic is home to 91,980, estimated to have a combined spending power of $1.3 billion, which is forecast to grow by an average of 4.0% per annum to reach $1.9 billion by 2028.
Managing Director of QIC Global Real Estate, Michael O’Brien, said the sale was in line with client-endorsed fund strategies, following on from the recent sales of 80 Collins Street in Melbourne and the MLC centre in Sydney.
“The sale was at book value. This is a pleasing result and is further demonstration of our ability to deliver successful transactions on behalf of our investors.”
Brisbane-based investment and development group Stockwell has invested and developed shopping centres in Queensland and was the original developer of Noosa Civic before its purchase by QIC in 2012.
“We are pleased to be able to bring Noosa Civic back into our portfolio. This acquisition is key to the strategy of Stockwell Property Funds to identify existing, well-located, quality retail assets that we can expand and unlock the development potential for our investors,” said Managing Director Mark Stockwell
“Improved economic conditions and retail market fundamentals are underpinning strong investor demand for Australian retail assets, especially for high quality assets underpinned by healthy trade area catchments and trading performance,” said Lachlan MacGillivray, Head of Retail investment Services at Colliers International.
“We are increasingly seeing high conviction investors buying prime assets as demonstrated with recent sales of Noosa, Westfield Burwood and Norton Plaza who have all been sold to very experienced owners who have seen quality assets continue to perform strongly.
“Looking forward, the retail property market is expected to remain competitive with well-located, strongly performing assets continuing to attract strong appetite from both local and overseas investors.”
