Investors eye mining town’s only shopping centre

The only shopping centre in one of Queensland’s most historic mining towns is set to go to auction.

Located at 40 Stanley Street, Collinsville, IGA Collinsville Plaza is being brought to market with Ray White Commercial QLD agents Lachlan O’Keeffe and Michael Feltoe.

Anchored by Cornetts Supermarkets, who have leased at the plaza for 27 years, the centre offers an estimated fully leased net income of $203,776 per annum, and sits at the heart of Collinsville, a historic mining town first established in 1921, situated 90km west of Airlie Beach.

“There are many significant drawcards to this centre, not least the longstanding track-record and tenure of the operator Cornetts Supermarkets IGA, who have just renewed for a further 10 years to 2032,” Mr O’Keeffe said.

IGA Collinsville Plaza continues a string of regional QLD IGA’s brought to auction in the previous 24 months.

Regional shopping centres are often held for generations due to their low maintenance, lack of competition and excellent cash flow.

When they come up for sale, they are usually heavily contested and Mr Feltoe said this trend was expected to continue.

“The previous two years through the pandemic really shone a light on how resilient and essential supermarkets have been, especially in regional Queensland,” he said.

“It comes as no surprise that we have seen a significant uptick in demand from investors, most notably interstate based, who are seeking shopping centres with reliable supermarket anchors.”

IGA Collinsville Plaza will be available to purchase via auction on Friday, 14 October at 10:15am (AEST).

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