Major Coast retail centre sells for $21 million
CONTINUED economic growth in the Sunshine Coast has underpinned the sale of a prominent retail centre on Noosa's iconic shopping strip for $21 million.
Located at 50 Hastings Street - Noosa Heads' renowned tourist hub - the two storey retail asset comprises six tenancies, including the popular Laguna Jacks bar and restaurant, a 7 Eleven, Ben & Jerry's Ice Creamery and Betty's Burgers.
CBRE's Rem Rafter and Brendan Robins negotiated the off market sale on behalf of the local vendor, who has owned the property since the 1970s.
The sale reflected a yield of 5.98% on the net income.
A Melbourne family purchased the asset - representing their third Sunshine Coast investment in the past 12 months.
Mr Rafter said the sale highlighted strengthening confidence in the Sunshine Coast economy and the positive impact on the region's property market.
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"This sale highlights the strong appeal of the Sunshine Coast from an investment perspective, with a rapidly growing population, increasing tourism numbers and a slate of major infrastructure and commercial developments helping position it as an attractive investment destination," Mr Rafter said.
"This property's position in the tourism mecca of Noosa Heads was a major focal point for prospective purchasers, with Hastings Street the heart of Noosa' food and fashion retail scene, in addition to being surrounded by luxury beachside holiday accommodation."
Positioned on a 781sqm corner site, the retail centre is surrounded by a number of major retailers, including Hugo Boss, Witchery, Rodd & Gunn, Rip Curl, Billabong, Kookai and Lorna Jane.
The average rental along Hastings Street ranges from between $2000 per square metre and $4000 per square metre.
Mr Robins said the property represented an outstanding and rare opportunity to acquire a presence in one of Queensland's most desirable retail markets.
"One of the last remaining freestanding retail properties in Hastings Street, this asset offered both investment security through a diversified income from six tenants, as well as a strong long-term outlook given its prime position in this highly regarded tourism and investment location," Mr Robins said.
"This property marked the purchaser's third Sunshine Coast investment in 12 months, which goes to highlight growing confidence in the region's property market and subsequent strength of the local economy."