Noosa Fair sold for $41m

SUNSHINE COAST: Noosa Fair Shopping Centre is expected to undergo a dramatic redevelopment program after a mystery buyer clinched the complex for $41.75 million.

Property specialist Jones Lang LaSalle, which closed the deal on behalf of Colonial First State Global Asset Management, said the centre showed strong potential for future redevelopment and expansion programs.

The 7,900sqm site currently boasts a fully-leased net return of more than $2.5 million a year and houses a major national supermarket, 24 specialty stores, eight commercial tenancies, a kiosk and three ATMs. Fashion retailers include Rockmans, Kool Katz, Sketch Noosa and Bo-Niks.