This article is from the Australian Property Journal archive
A FULLY leased commercial development adjacent to the lake and beach at Currimundi on the Sunshine Coast has been sold at auction by Ray White Commercial.
Lots 1 and 2 at The Wedge, located at 1 Westaway Parade, Currimundi, were sold under the hammer for $655,000 by Andrew Garland and Peter Sargeant of Ray White Commercial Caloundra.
Garland said the offering was snapped up by a local investor well above the reserve price.
“The sellers can be very pleased with the sale price of $655,000 as this represents a net yield of around 8.1%. The property has great commercial value and the fact that it sold well above the reserve price is indicative of this,” he added.
The two ground-floor lots consist of a 160 sqm cafe/restaurant currently occupied by Cocos, as well as a beachside cafe and a 24 sqm retail tenancy currently occupied by Kitethrills, a kite surfing, swimwear and beach hire business, generating a total net annual income of $57,427.
“We had a significant amount of interest in the weeks preceding the auction and on the day we had four registered bidders.
“This was no surprise because the Wedge’s location is so great – it’s at the heart of a popular holiday and tourism destination adjacent to Currimundi Lake and the beach,” Sargeant said.
Australian Property Journal
