One of the Sunshine Coast’s largest neighbourhood shopping centres has been listed for sale.
Nambour Mill Village, at 35 Mill Street, is being offered to market via expressions of interest through CBRE and Stonebridge Property Group.
The property comprises 6648 sqm of gross lettable area on a 17,720sqm site beside Nambour Railway Station. It is anchored by a Coles supermarket and includes a mini-major tenant, 10 specialty retailers, two commercial tenancies and 370 car parks.
The fully leased shopping centre generates a net income of about $2.238 million a year, plus GST.
Stonebridge Property Group agent Justin Dowers said the performance of the centre’s Coles supermarket was a key factor driving investor interest.
“The quality of the Coles supermarket sets this opportunity apart,” he said.
“Trading 67 per cent above benchmark places it amongst Australia’s top-performing supermarkets, yet investors are still acquiring specialty rents that remain below market levels and a Coles lease featuring rental growth characteristics that are almost impossible to replicate today.”
The Coles tenancy is secured by a lease through to 2030, with rare 10-year options and fixed minimum annual rent increases. Specialty tenancies are leased at average gross rents about two per cent below benchmark levels.
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Mr Dowers said several factors were contributing to the centre’s appeal to prospective buyers.
“Investors continue to place a premium on high-performing neighbourhood shopping centres, particularly when they combine exceptional supermarket sales, rental reversion potential and long-term income security,” he said.
“Nambour Mill Village delivers all three, making it one of the most compelling neighbourhood shopping centre opportunities to be offered to the market this year.”
He said the campaign had already attracted interest from a broad range of buyers, including local and interstate private investors as well as institutional capital.
“Given the rarity of a neighbourhood shopping centre offering this level of performance, Nambour Mill Village represents a highly compelling investment opportunity,” he said.
The campaign also points to growth in the centre’s main trade area, where retail expenditure is forecast to increase from $1.29 billion in 2026 to $2.79 billion by 2046.
Expressions of interest close on September 3.
