The sale of a prominent shopping centre has emphasised the renewed business buzz in a Sunshine Coast town.
The interstate buyer of the complex has also flagged some significant changes could be made there.
Nambour Central, at 25-31 Lowe Street within the Nambour CBD, has changed hands for more than $9.2 million.
Meanwhile, a notable three-storey building on the main thoroughfare, 144 Currie Street, was sold for $4.5 million.
And there are significant inquiries for another well-known establishment, 32-36 Lowe Street, with expressions of interest closing in mid-August.
Many small stores have struggled to make ends meet in Nambour – once the heart of the Sunshine Coast – and even major businesses have shut their doors there.
The closure of the sugar mill, rapid population growth near the beach and the transition of services to flourishing Maroochydore have taken a toll on the hinterland community.
But a coastal housing crunch in recent years has prompted people to move to Nambour, which is seen as more affordable. There are efforts to revitalise the area and businesses are opening their doors there.
Colliers Sunshine Coast managing director Nick Dowling said the town could be undergoing a resurgence and commercial buyers and investors recognised value there.
“There’s been some fairly significant transactions occur within Nambour recently,” he said.
“The sales tie in what the activity that’s happening in town, from a commercial perspective.
“It’s definitely affordable and proving to have attractive returns in comparison to the coastal markets, and from a rental perspective, like residential, it’s got some affordability to it.”
Nambour Central, on a 6728sqm site with a large car park, is a traditional shopping mall well-known among locals.
It has previously included a supermarket and multiple stores but, in recent years, only some of the centre’s shops have been tenanted by the likes of ANZ, Commonwealth Bank, Pets Domain, Sunshine Coast Radiology, F45 and the relatively new Banksia cafe.
Mr Dowling said there were significant plans for the complex, after an off-market sale.
“The new buyer, who is Canberra-based, is looking to position it into a more medically favoured type of set-up,” he said.
“With a low site coverage rate and occupancy, the incoming purchaser (also) saw an opportunity for positive rental reversion and the potential for future positioning and releasing.”
Meanwhile, there was also serious interest in 144 Currie Street prior to its sale.
The multi-floor office building with dual street frontage, formerly owned by Sunshine Coast Council on a 1367sqm site, attracted more than 30 inquiries before selling for $4.49 million.
Public utility company Queensland Hydro has recently started a five-year lease there, essentially as a headquarters for its mega hydro project at Lake Borumba west of the Sunshine Coast.
A Queensland Hydro spokesperson said it was the perfect location for a base, and would support workers in the region.
“Queensland Hydro is investing in the regions near where our proposed projects will be located,” they said.
“Queensland Hydro made the deliberate decision to establish a regional office in Nambour so our current and future local workforce can continue to live and work on the Sunshine Coast, and to also actively invest in the towns near our Borumba project.”
The two-storey building at 33-36 Lowe Street, has also attracted attention from prospective buyers during an EOI campaign.
It’s in a prime location, opposite Nambour Central, and has a car park.
“It’s within walking distance to the train station and Nambour Plaza,” Mr Dowling said.
“It’s definitely a well-known building within Nambour, with 809sqm of lettable area.”
National Australia Bank currently occupies the entire ground floor.
Some residents have expressed concerns, via social media, that the bank could close.
Mr Dowling said there was some potential the bank could stay open.
“They certainly want to stay there for at least 12 months,” he said.
Auction results
80 Lowanna Drive, Buddina
- On the market for $1.6m, contact agent
- 3 Bed, 2 Bath, 2 Car, Pool
- Town, Bobby O’Hara and Adam Dunlop
54 Kentish Road, Kiels Mountain
- Under offer, contact agent
- 4 Bed, 2 Bath
- Ray White, Jacob Stinson
18 Franklin Place, Sippy Downs
- Passed on, on the market for offers over $999,000
- 4 Bed, 3 Bath, 1 Car, Pool
- Ray White, Jake Loiero and Jacob Stinson
27 Watson Street, Currimundi
- Passed in, contact agent
- 4 Bed, 4 Bath, 3 Car
- Next Property Group, Richard Scrivener and Loren Wimhurst
2/10 Bahlaka Street, Mooloolaba
- Sold prior to auction for $635,000
- 2 Bed, 1 Bath, 1 Car
- Define Property Agents, Ross Cattle and Katie Davies
1/6 Leo Crescent, Alexandra Headland
- Passed in, contact agent
- 3 Bed, 1 Bath, 1 Car
- Define Property Agents, Ross Cattle and Katie Davies
4/130 Alexandra Parade, Alexandra Headland
- Passed in, contact agent
- 3 Bed, 2 Bath, 1 Car
- Define Property Agents, Sam Nemazee
