Maleny IGA building for sale with rare investment terms
Universal Providers: The popular store has a long history as the central business in Maleny’s Maple St.
Commercial Real Estate
A historic supermarket building in the heart of Maleny, which has served the Sunshine Coast community for nearly 120 years, is up for sale.
The property at 26 Maple Street, is leased to Seasons Supermarkets, an operator of the renowned IGA brand, and offers unique investment terms that are seldom seen in the commercial market.
Marketed by Ray White Commercial Retail’s Michael Feltoe and Lachlan O’Keeffe, the supermarket site is being sold under a rare triple net lease structure.
This means that the tenant, Seasons Supermarkets, is responsible for all outgoings, including land tax and maintenance, making it an attractive “set and forget” investment opportunity.
“This investment is the epitome of set and forget – just one tenant leasing the whole of the land, all outgoings recoverable, including land tax, and almost 10 years until lease expiry,” he said.
Mr Feltoe pointed to the store’s long history in the centre of Maleny. “With a rich history of almost 120 years as a supermarket, and specifically a history of an IGA for over 30 years, this should give utmost confidence to any purchaser as to the strength of this location,” he said.
The 2,250sqm building was refurbished in 2022 and currently returns a net income of over $787,000 per year. The lease has a remaining term of nearly 10 years, extending through to 2034, with options available to extend until 2049.
“The property’s long history as a supermarket, along with over 30 years as an IGA, gives strong confidence to potential buyers,” said Mr Feltoe.
Maleny IGA past owners Rob and Sam Outridge and their partners sold the business to Seasons in August 2022 after owning it since 1995.
Expressions of interest for the building close on Wednesday, October 23.