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Stockwell buys Noosa from QIC GRE

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.”

Related Experts

Lachlan MacGillivray

Head of Retail Investment Services | Australia

Retail Investment Services

Sydney CBD

Specialising in the sale of major shopping centres, Lachlan has managed the sale of over $12 billion worth of shopping centres, working with a wide range of clients including institutional, international and private investors.

In 2019, Lachlan's team transacted 83% of all retail assets greater than $100 million, equalling a total of $3.58 billion in sales. These included:
The sale of Westfield Marion, SA for $670 million (50% interest);
The sale of Westfield Burwood, NSW for $575 million (50% interest);
The sale of Garden City Booragoon, WA for $575 million (50% interest);

Over the last 24 months, Lachlan has achieved the largest transaction in Australian history with the sale of Indooroopilly Shopping Centre, QLD for $810 million (50% interest). He also secured the largest agency negotiated transaction in Australia at $1.00 billion for the sale of Pacific Werribee and Epping, VIC (50% interest). With an in-depth understanding of shopping centre performance, Lachlan can provide you with expert advice on the sale and acquisition of your retail investments.
• Capital Partnering / Joint Ventures / Portfolio Transactions
• Asset Marketing and campaign strategy, implementation and execution
• Shopping centre acquisition and disposal
• Sale negotiation and transaction
• Strategic asset positioning and repositioning to maximise asset performance
• Buy side investment advisory

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Stewart Gilchrist

National Director | Retail investment Services

Retail Investment Services

Brisbane CBD

I am the head of the Retail Investment Services Team in Queensland and on a daily basis, work hand in hand with my fellow retail counterparts in the southern states.

Since joining Colliers International in 2009, I have specialised on the sale of all categories of retail investments being; neighbourhood supermarket based centres, sub-regional, regional, large format retail service centres and tourism retailed retail properties.

For 4 years I was also the Director in charge of the Colliers International Gold Coast office and Head of Colliers Insolvency Property Division.

Over my career I have transacted over 80 properties at a capital value in excess of $3 Billion.


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