This article is from the Australian Property Journal archive
A RETAIL investment in the Hastings St tourist strip at Noosa Heads on the Sunshine Coast has sold at auction for $1.95 million.
The 43 sqm tenancy at 7/41 Hastings St is leased to clothing retailer Noosa Beach Club. It was sold to a local investor by Ray White Commercial Noosa & Sunshine Coast North’s David Brinkley and Paul Butler on behalf of an interstate owner.
The sale price reflects a yield of 7.1%.
Brinkley said the marketing campaign attracted 89 enquiries and there were four registered bidders at the on-site auction, which was well attended.
“There was strong interest in this centrally located offering which has Noosa Beach Club as a long term tenant. The property is returning net rental of $140,000 per annum and the tenant has a lease until November, 2020, with a five year option.
“We had interstate buyers and local buyers looking at the shop to purchase but a local investor got across the line in the end when the property was sold under the hammer,” Brinkley said.
Butler said Noosa Beach Club has traded in Hastings St for the past eight years and recently signed a new five-year lease.
“This sale again shows growing confidence in the Noosa area and the general commercial market by investors.” Butler said.
Australian Property Journal
