“We gave them an offer and they chose not to accept it, it’s as simple as that,” he said.
Mr Stockwell said his Noosa Civic team would be looking for a replacement tenant and another newsagency could be an option.
“I think that sort of use is important in Noosa Civic,” he said.
The impending closure has created a stir on community social media and has upset local Christine De Boer who has raised thousands of dollars for local charity using items donated by the newsagency.
Ms De Boer is urging the local community to drop by the Lucky Charm and thank the team for their services.