Three retail investments - a freestanding Seasons IGA in Maleny (Sunshine Coast), a Cornetts anchored neighbourhood centre in Garbutt (Townsville) and a convenience IGA in the regional town of Childers - were brought to market in late 2024.
All three campaigns attracted significant buyer interest, which RWC Retail’s Michael Feltoe said was a clear sign of buyer confidence in the supermarket asset class,
“These three sales are proof that the volume of buyers across the market today is greater than ever. And this is true regardless of pricepoints and locations, as long as the fundamentals are in place”
In the Sunshine Coast hinterland, the freestanding Seasons IGA Maleny sold for $11,250,000. The 119 year old building occupied a 2,843sqm* high-street land parcel, and has been a supermarket since the early 1900's, which Lachlan O’Keeffe said was a unique selling point with buyers.
“Not only was this a rare single-tenanted supermarket investment with a 12 year lease to a proven operator, but it likely had the longest history of being a supermarket in all of Queensland, which appealed to the vast majority of investors”
In regional Queensland, the 1,047sqm* IGA Childers (112-120 Churchill Street) sold for $4,500,000.
Garbutt Central Shopping Centre - a 3,593sqm* Townsville neighbourhood centre anchored by Cornetts, generating a Net Income of $1,023,301 + GST p.a. - sold for an undisclosed price.
“The investor demand for these two assets exceeded any previous campaigns we have run for regional Queensland shopping centres,” said Pablo Routledge.
“Investors were drawn to the strong leases in place, the longstanding IGA trading histories, and the long-term potential for each property.”
