Reed Property Group has confirmed its purchase of Ryan Plaza, in Maroochydore, Queensland. 
The 2696sqm site at 22-24 Ocean St and on the corner of Horton Parade, has been purchased for an undisclosed sum and adds to Reed’s growing presence Maroochydore, following its acquisition of the adjoining 2.4 hectare Big Top Shopping Centre.
Ken Reed, MD of Reed Property Group, said the purchase was a long term, strategic acquisition by the property group and was in line with its vision for the area.
“The timing and conditions were perfect for us to extend our investment in the traditional CBD of Maroochydore,” Reed said.
“This is further evidence of our confidence in the strong potential of the precinct, particularly given our significant commitment to redeveloping the neighbouring Big Top site.”
Earlier this year, Reed confirmed a $20 million refurbishment of the Big Top Shopping Centre.
Scheduled to open in 2014 as Big Top Market Fresh, the redevelopment will offer fresh food markets featuring local growers on traditional market days, as well as a Friday night Artisan market and a full time convenience offer anchored by a Woolworths Supermarket and supported by other specialty stores including a pharmacy, newsagent, bottle shop, cafes, clothing. and homeware stores.
Reed said independent market research showed the revolutionary Big Top Market Fresh concept could expect to attract close to four million customers per year.
“The combination of an exciting new fresh food destination, the driving force of the local Maroochydore Revitalisation Association and Sunshine Coast Council’s commitment to Maroochydore as the Principal Activity Centre of the Sunshine Coast all point to a strong and exciting future for the region – and we’re proud to be making a significant contribution to the future prosperity of the area,” he said.
The sale was negotiated by Nick Dowling, MD of Colliers International, who said Ryan Plaza was a landmark investment opportunity within the Maroochydore CBD.
“Ryan Plaza offers a mix of national and local tenants, including professional services and hospitality providers,” he said.
Ryan Plaza includes a tenancy mix of blue chip commercial tenants including Westpac Bank, Wide Bay Australia, Aussie Home Loans, and Otium Group Accounting. .
