This article is from the Australian Property Journal archive
A LOCAL investor has bought a retail building in the Caloundra CBD on the Sunshine Coast for $1.24 million on a 7.2% yield.
The property at 39 Bulcock St Caloundra comprises 216 sqm on a 436 sqm site and is leased to Billabong-owned Surf Dive & Ski on a five plus five-year lease which expires in 2019. The current rental is $92,126 p.a.
Ray White Commercial Noosa and Sunshine Coast North’s Paul Butler and Paul Forrest sold the property, which they said received multiple offers.
“There were multiple offers of between $1.2 million and $1.24 million. The Caloundra market is certainly witnessing a resurgence of demand from investors seeking freehold assets.
“This is the second sale in Bulcock St which sold on a yield of approximately 7.8% after land tax,” Butler said.
Forrest said the building has the ability (STCA) to have a second level constructed.
Australian Property Journal