This article is from the Australian Property Journal archive
A RETAIL building at Noosa Heads on the Sunshine Coast has changed hands for the first time in more than 35 years, selling at auction for $1.35 million.
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The property at 10 Lanyana Way Noosa Heads, was sold to GCMT Properties by Ray White Commercial Noosa’s Paul Butler, Paul Forrest and Tracey Ryan on behalf of a local investor.
The sale price reflects a passing yield of 6.3%. The single level 281 sqm building is divided into four tenancies, which are all occupied except for one approximately 70 sqm outlet. The property sits on a 526 sqm site.
Butler said the property was on the market for the first time since 1979 and it attracted considerable interest during the marketing campaign.
“We had more than 40 inspections of this older style building and nine registered bidders at the auction.
“Fully tenanted, the property has projected net income of approximately $120,000 per annum and among the long term tenants in the building are Lifeline and Noosa Body and Skin Care,” he said.
Ryan said the property is well positioned directly opposite the main entrance to Noosa Fair and Coles Supermarket.
Australian Property Journal
