Nambour Mill Village hits the market

Nambour Mill Village shopping centre has been offered for sale through an expressions of interest campaign. 

Nambour Mill Village shopping centre has been placed on the market, offering investors a fully leased retail property anchored by a strongly performing Coles supermarket.

The 6648 sqm neighbourhood centre at 35 Mill Street is being offered for sale through Stonebridge Property Group and CBRE via an expressions of interest campaign.

The centre occupies a 17,720 sqm site beside Nambour Railway Station and includes Coles, a mini-major tenant, 10 specialty retailers, two commercial tenancies and 370 car parks.

It generates fully leased net income of about $2.238 million a year, plus GST.

According to the selling agents, the Coles supermarket is secured by a 15-year initial lease running until 2030, with 10-year options and fixed minimum base rent growth.

Marketing material for the property states the supermarket is trading 67 per cent above benchmark levels, placing it among Australia’s highest-performing Coles stores.

The centre’s specialty tenancies are leased at average gross rents about two per cent below benchmark, which the agents say provides potential for future rental growth.

The campaign also points to projected 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.

Its location beside the railway station, large car park and long-term supermarket lease are being promoted as key features of the investment.

The expressions of interest campaign closes on Thursday, September 3, at 4pm.