Caloundra Retail Investment Sold for $1.24 Million
A commercial retail building in the Caloundra CBD on the Sunshine Coast with Surf Dive & Ski as the anchor tenant has been sold by Ray White Commercial Noosa and Sunshine Coast North for $1.24 million.
The property at 39 Bulcock Street, Caloundra, was sold to a local investor by Ray White Commercial Noosa and Sunshine Coast North’s Paul Butler and Paul Forrest on behalf of a local investor for a yield of approximately 7.2 per cent.
Paul Butler said Billabong-owned Surf Dive & Ski occupy a 216 sqm tenancy in the building on a 5 + 5 year lease which expires in 2019.
“The property is currently rented for $92,126 per annum and we ended up with substantial inquiry for the offering, which is on a site area of 436 sqm,” he said.
“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 Street which sold on a yield of approximately 7.8 per cent after land tax.”
Paul Forrest said the building has the ability (STCA) to have a second level constructed.
“The building was constructed in approximately 1984 by prominent local businessman turned real estate agent Graeme Wheeldon, who worked at Ray White Caloundra for many years,” he said.