This article is from the Australian Property Journal archive
A RETAIL strata property home to a popular nightclub at Noosa Heads on the Sunshine Coast has sold at auction to a local investor for $1.56 million.
The 363 sqm tenancy in Bay Village at 29/18 Hastings St is leased to nightclub tenant Crawdaddy’s. The sale price reflected a yield of 9.29%.
The property was sold by Ray White Commercial Noosa & Sunshine Coast North’s John Petralia and Paul Butler.
Petralia said the marketing campaign attracted 30 enquiries and there were three registered bidders at auction, where the property was initially passed in at $1.5 million.
“Post auction there were two more inquiries from people who couldn’t bid at auction and one made an offer above $1.5 million, with a 30 day settlement.
“Then one of the registered bidders made an unconditional offer of $1.56 million with 45 day settlement which was accepted,” Petralia said.
Butler said Crawdaddy’s is Noosa’s premier nightclub and the current tenancy has a five-year lease term with a further two options of five years.
Australian Property Journal
