This article is from the Australian Property Journal archive
AFTER almost 90 years of ownership by a single family, the Timperley’s Corner building in Byron Bay has been sold to a Sydney-based investor.
Owned by the Timperley family since 1935, the prominent two-floor retail building at 14 Jonson Street was acquired for an undisclosed sale price following a competitive campaign launched in October of last year.
Mark Witheriff, Joe Tynan and James Douglas from CBRE managed the tender campaign, which brought in a yield reported to reflect the landmark property’s profile.
“A number of high-profile parties were competing to secure the building, which is a true icon within Byron Bay,” said Witheriff.
Sitting on a 424sqm site, with 559sqm of net lettable area at the corner of Jonson and Lawson Streets, the building was originally purchased by Ruth and Harold Timperley and run as a motor mechanics workshop before being developed into a surf retail shop.
The surf shop was eventually acquired by Billabong – now Boardriders Group – in 2010, which provides 85% of the site’s net annual income of $614,537 and is currently home to a flagship Surf Dive n Ski store.
“The campaign drew the attention of investors from throughout Australia, but also internationally. After a competitive process, which attracted multiple offers, the property was sold to a Sydney-based investor already active in the Byron region,” said Tynan.
The property is placed on one of the busiest intersections in Byron Bay, fronting the CBD’s main vehicle thoroughfare and benefits from with exposure to more than 14,000 pedestrians weekly, while it’s B2 local centre zoning would enable potential future development into a retail and entertainment offering.
Tynan noted the strong level of growth experienced across NSW’s Northern Rivers region over the last two years, driven by the shift in preference towards lifestyle locations since the onset of the pandemic and the emergence of the working from home phenomenon.
“This is being reflected in retail trends, with increases in retail rents and a tightening of capitalisation rates, specifically for boutique locations such as Byron Bay,” concluded Tynan.
