The Mount Isa Village shopping complex has gone under the hammer for a substantial amount.
The complex which houses Coles, Kmart and a number of smaller shops including banks and a pharmacy was sold freehold for $44.2 million.
AustralAsian Property Group are the new owners buying it off ISPT Fund
Sales agent JLL & Savills said the Village comprises a modern enclosed convenience sub-regional shopping centre, dual-anchored by a strongly trading full-line Coles Supermarket and a Kmart Discount Department Store, supported by 19 specialty shops, two kiosks and two ATMs.
There were 150 enquiries for the property which resulted in 10 bids during expressions of interest.
"There's a lot of activity in regional Queensland at the moment and the Village has always been the most dominant retail centre in Mount Isa and has attracted a lot of national and international interest," a JJL spokesperson said.
"The sale price is not a surprise. Coles and Kmart have been big supporters of Mount Isa for a very long time. The performance of both tenants are incredibly strong and they underpin the investment."
The Kmart Plaza was renamed the Mount Isa Village in 2014.
The new owners hope to fill the current vacant shops in the centre in the coming months.
The building which houses Mount Isa Woolworths is now also for sale with Savills the sales agent and Expressions of interest close May 27.