‘Development potential’ of Port Douglas IGA has city investors keen

REAL ESTATE

Mark Murray

Journalist

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An artist impression of what a retail expansion might look like at the site of the Port Douglas IGA on the Captain Cook Highway. IMAGE: Supplied.

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STRONG interest is expected from commercial investors next week when the Supa IGA in Port Douglas goes under the hammer at Melbourne’s Crown Casino.

The prime Captain Cook Highway location and current Development Application approval for a retail expansion on the 1.49 hectare site is set to attract city investors to the fully leased space.

Already boasting the Cornett’s IGA, pharmacy, bottle shop and coffee kiosk, auctioneers Burgess Rawson are anticipating potential buyers to ‘keep a close eye on the listing’ due to its ‘development potential’.

A current approval is in place to further develop the centre through expansion of the IGA and additional retail specialty stores. Options include a fuel or fast food drive-thru outlet, subject to council approval.

“Port Douglas is a tourism hub with a buoyant local economy set for long-term growth, and this property is a great opportunity for investors to enter the North Queensland market,” Burgess Rawson director of sales Glenn Conridge said.

“Large format retail supermarkets, such as IGA properties, have been strong performers this year with investors attracted to a nationally recognised anchor tenants.”

The property currently provides a net income of $466,107 with potential to significantly increase the income stream and subsequent capital value through the approved expansion plans, according to Conridge.

“We’ve had very solid results this year in the large format retail and supermarket space right across the state. Queensland is particularly popular with southern investors who are able to achieve significantly better value when compared to similar properties in New South Wales or Victoria,” Conridge said.

The site will be auctioned at Crown Casino on Wednesday 13 December.


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