The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
FINAL CHANCE TO REGISTER FOR URBANITY-25 JOIN MORE THAN 550 ALREADY ATTENDING
LAST CHANCE TO REGISTER FOR URBANITY 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
13
print
Print
RetailTed TabetWed 04 Sep 19

Olympian Makes Waves Buying Back Noosa Shopping Centre

571e0321-8cd8-4c41-a38a-a73c3dfb8679

Property developer and former Olympian Mark Stockwell has bought back the Noosa Civic shopping centre on the Sunshine Coast for $250 million from QIC.

The former swimmer, who at 21 competed in the 1984 Olympics as part of Australian swimming’s “Mean Machine”, raised a property fund to back the purchase.

His Brisbane-based investment and development group Stockwell originally owned the property before selling it to QIC in 2012 for about $200 million. QIC Global Real Estate held Noosa Civic jointly in its flagship QIC Property Fund and the QIC Shopping Centre Fund.

The 30,000sq m centre is located 150km north of the Brisbane CBD, within the exclusive township of Noosa, an area renowned as one of Queensland’s and Australia’s premiere tourist destinations.

The centre occupies more than 31 hectares of land, of which more than 20 hectares is undeveloped, presenting the potential to further expand and develop the complex.

▲ Stockwell — the family property company founded by Bill and Necia Stockwell and now run by their son Mark — was the original developer of Noosa Civic before its purchase by QIC.


The move by Stockwell seems advantageous buying back into “one of the key sub-regional shopping centres on the Sunshine Coast”.

The Noosa Civic sits within a trade area home to 91,980, estimated to have a combined spending power of $1.3 billion, which is forecast to grow by an average of 4 per cent per annum to reach $1.9 billion by 2028.

“We are pleased to be able to bring Noosa Civic back into our portfolio,” Stockwell managing director Mark Stockwell said.

“This acquisition is key to the strategy of Stockwell Property Funds to identify existing, well-located, quality retail assets that we can expand and unlock the development potential for our investors.”

Stockwell has invested and developed shopping centres across Queensland.

Last February, Victorian construction and development firm Pellicano and publican family Zagame acquired the Poinciana Place Shopping Centre in Tewantin from Stockwell for $17.3 million on a record yield of 5.9 per cent for the Sunshine Coast.

The Noosa deal was brokered by Lachlan MacGillivray and Stewart Gilchrist of Colliers International and was struck on a yield of 6 per cent.

QIC managing director Michael O’Brien said the divestment of Noosa Civic, jointly held by the QIC Property Fund and the QIC Shopping Centre Fund, was in line with the client endorsed strategies for both funds.

O’Brien pointed to the deal as reaffirming shopping centres values which have been under pressure this year as big landlords, including Stockland, have trimmed centre values.

In May this year, QIC GRE divested its mixed-use asset currently under development at 80 Collins Street in Melbourne in a record deal for close to $1.5 billion.

RetailAustraliaReal EstateSector
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Warren and Mahoney Western Bulldogs Women's Health and Leadership Hub HERO
Exclusive

Beyond the Boys’ Club: Inclusive Architecture Disrupting Sporting Precincts

Leon Della Bosca
7 Min
Exclusive

Inside the $10m Heritage Refit of Sydney’s $25,000-a-Year Members’ Club

Taryn Paris
4 Min
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
View All >
Development

Zen Group’s West End Towers Greenlit

Taryn Paris
Warren and Mahoney Western Bulldogs Women's Health and Leadership Hub HERO
Exclusive

Beyond the Boys’ Club: Inclusive Architecture Disrupting Sporting Precincts

Leon Della Bosca
An aerial view of Ipswich, whose suburb Springfield Lakes, had the highest number of house sales for Queensland in Q2, 2025.
Residential

Ipswich Suburb Leads Queensland House Sales

Marisa Wikramanayake
A quiet dark horse in the race, Ipswich's Springfield Lakes has now topped Queensland's house sales list for the second …
LATEST
Development

Zen Group’s West End Towers Greenlit

Taryn Paris
2 Min
Warren and Mahoney Western Bulldogs Women's Health and Leadership Hub HERO
Exclusive

Beyond the Boys’ Club: Inclusive Architecture Disrupting Sporting Precincts

Leon Della Bosca
7 Min
An aerial view of Ipswich, whose suburb Springfield Lakes, had the highest number of house sales for Queensland in Q2, 2025.
Residential

Ipswich Suburb Leads Queensland House Sales

Marisa Wikramanayake
5 Min
Court Place in the Subi East precinct is set to deliver 447 new homes, including 300 affordable and 147 social homes in a prime location just four kilometres from the Perth CBD.
Community

Providers Selected for Subi, East Freo Housing Projects

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/olympian-makes-waves-buying-back-noosa-shopping-centre