Owner confirms $200m Civic deal
NOOSA'S major shopping centre is now in new hands after the sale of the Civic settled for $200 million this week.
The new Noosa Civic owners are QIC Global Real Estate and managing director Robert Carter said the acquisition was an opportunity for strategic growth in the region.
"Noosa Civic is a prime retail asset which forms the major part of the Noosa Business Centre as defined in the Noosa planning scheme," Mr Carter said.
"Occupying a major activity centre site comprising 31.7ha, it is one of the key sub-regional shopping centres on the Sunshine Coast and is superbly positioned in an established trade area.
"The property is also expected to benefit from the anticipated population and retail spending growth forecast on the Sunshine Coast during the next 10 years."
Mr Carter said the acquisition of Noosa Civic aligned with QIC GRE's strategy to develop a core portfolio of high-quality retail assets that were designed to deliver strong investment returns.
Built in 2006, Noosa Civic employs more than 1000 people and comprises a sub-regional shopping centre anchored by a Woolworths Supermarket plus a Big W discount department store, two mini majors, 83 specialty shops and the Emporium bulky goods precinct.
The centre also offers car park facilities for more than 1400 cars.
The Civic under former owner Mark Stockwell sought a major retail expansion that could have accommodated stores like Myer and Target, but the Sunshine Coast Council refused it on the grounds it did not fit the Noosa Plan.
Mr Stockwell eventually dropped a Planning and Environment Court appeal and put the centre up for sale.
