Back on the market after contract collapse

A CANUNGRA Shopping Centre is back on the market after a contract collapse.

The Canungra Shopping Centre, at 14-16 Christie Rd, sold at auction to a Gold Coast-based private investor for $3.5 million last month.

However, that contract has collapsed and the fully leased retail centre will again be auctioned on September 12.

Colliers International’s Ryan Chandler, who is marketing the property with colleague Stewart Gilchrist, said it was an opportunity to acquire a retail asset with a strong annual income at a time of heightened sales activity in the sector.

He said the previous auction campaign had attracted 71 inquiries and that he was confident a buyer who can transact the asset would be found.

The property is on a 2428/ sq m site on Canungra’s main thoroughfare. It has four tenancies occupying a total net lettable area of 882/sq m with a weighted average lease expiry of 7.7 years.

The anchor tenant is a fullline FoodWorks supermarket covering 662/sq m, which it is committed to leasing until March 2028. It also holds three, five-year options.

Other tenants are a bakery, hair salon and confectionery store. It has a net rental income of $305,592 a year.