Denis Mackenzie investment company, Lynden Investment Group, has sold the 13,000 m sq site with the 3947sq m Woolworths supermarket in anchor location. Lynden bought the property in 2014 for just under $20 million.
The property built in 2014 is the only Woolworths north of Cairns and has a development approval for future expansion of both the supermarket and additional specialty retail space.Denis Mackenzie – Australian Cricket team doctor buys Queenland’s Woolworths
Mossman is about 15 kilometres from Port Douglas and 75 kilometres north west of Cairns.
While the Queensland economy has lifted, the retail market remains subdued and investor interests have waned due to a blanket shortage of bank funding. In the recent third quarter however, there has been a small tick up in the number of retail property transactions, JLL’s Jacob Swan and Sam Hatcher who brokered the deal say.
“The third quarter of this year has seen the volume of transactions returning to the five year average, showing the robust demand continuing for Queensland retail assets in the face of some challenging market conditions,” Mr Swan said.
“There was strong interest from investors, syndicators and funds management groups who were attracted to Woolworths Mossman due to the performance of the Woolworths and low threat of new competition, with the closest full line supermarket in Port Douglas.”