Cooroy Retail Investment Sold for 4.4 % Yield
A tenanted retail investment in the Sunshine Coast hinterland railway town of Cooroy has been sold by Ray White Commercial Noosa & Sunshine Coast North for a 4.4 per cent yield.
The 51 sqm tenancy leased by ‘The Wardrobe Mistress’ at 6/ 13 Garnet Street, Cooroy, was sold to a local investor for $225,000 by Tracey Ryan of Ray White Commercial Noosa & Sunshine Coast on behalf of a local developer.
Tracey Ryan said the vendor was the original local developer who completed the ‘retail complex known as the ‘Wattle Street’ building in 2007.
“The owner has worked with Ray White Commercial Noosa & Sunshine Coast North to sell and lease the retail development to a mix of owner occupiers and investors,” she said. “Ten of the original 11 units have now been sold.
“This latest sale reflects the current strong demand for investment property in the $500,000 and below price range on both the coast and hinterland areas of the Sunshine Coast.”
The Wardrobe Mistress is a well-established business with a loyal following for their recycled luxury brands.
“Shop 6 is positioned at the entrance to the development with excellent passing trade,” Tracey Ryan said.
“While the rent is below market presently we expect to see rental rates continue to improve in the area.”
“The Wattle Street’development, which is on a 982 sqm site, is a popular destination for Noosa lunch goers and also includes a boutique travel agency, a financial services business and a dental surgery.”