This article is from the Australian Property Journal archive
AIRLIE Beach’s recently refurbished Pavilion Arcade has hit the market, offered with full occupation and a return of $1.17 million in rent each year.
Pavilion Arcade is positioned on 287 Shute Harbour Road, in the heart of the popular tourist destination, and offers direct access to the beachfront through an open-air retail arcade. It is anchored by national brands Boost Juice and Rip Curl as well as a number of long-standing popular local boutiques and restaurants.
Colliers’ Hunter Higgins, Sam Polichronis, Peter Wheeler and Aaron Power have the listing of the 1,209 sqm property.
“Airlie Beach is recognized as the second fastest-growing town in Australia and has seen substantial economic growth, especially in the mining, health, and construction sectors, alongside a significant expansion in accommodation and hospitality jobs,” Higgins said.
“We are already receiving a lot of interest in the asset from investors looking for a stable revenue stream in a growing area.”
He said the property’s District Centre Zoning gives it a range of long-term development potential.
The Whitsundays is in the middle of a tourism boom. Visitation is 8.8% over three years to 724,000, and a average spend per visitor is up 11.3% over the three-year trend to $1,666.
This year will see 151 cruise ships deliver more than 450,000 passengers onto the doorstep of Pavilion Arcade.
Other tenants at the property include Paradisio Restaurant and Bar, Joa Sushi, Court and Spark Boutique, Airllywood Boutique, Aurealis Jewellery, and Aroma Stone,
Polichronis said Pavilion Arcade has recently undergone extensive refurbishments totalling $5 million, with an additional $2 million to finalise upgrades completed in late 2019. Enhancements include 81 kilowatts of solar, a completely new exterior with modern awnings and façade improvements, major internal renovations across retail spaces and additional lettable area developed by way of a restaurant, rooftop bar, café, and day spa tenancies all offering parkland, direct beach access and stunning ocean views.
Expressions of interest closes Thursday, 27th June.
