Crawdaddy’s Hastings St Investment Sold at Auction for $1.56 Million
A strata retail investment property which is home to a popular nightclub in the famous Hastings Street tourist strip at Noosa Heads on the Sunshine Coast has been sold at auction by Ray White Commercial for $1.56 million.
The 363 sqm tenancy in Bay Village at 29/18 Hastings Street with a long time night club tenant Crawdaddy’s was sold to a local investor by Ray White Commercial Noosa & Sunshine Coast North’s John Petralia and Paul Butler for a yield of 9.29 per cent.
John Petralia said the marketing campaign attracted 30 enquiries and there were three registered bidders at the on-site auction, where the property was initially passed in at $1.5 million.
“Post auction there were two more inquiries from people who couldn’t bid at auction and one made an offer above $1.5 million, with a 30 day settlement,” John Petralia said.
“Then one of the registered bidders made an unconditional offer of $1.56 million with 45 day settlement which was accepted.”
Paul Butler said it was the third restaurant site in Noosa sold by John Petralia this year and the fifth for the Ray White Commercial Noosa & Sunshine Coast North office.
“It shows growing confidence in the Noosa area and the general commercial market by investors,” Mr Butler said.
“The food industry is one of the few that is not directly impacted by competition via the internet and therefore can represent a strong long term investment.”
Paul Butler said Crawdaddy’s is Noosa’s premier nightclub and the current tenancy has a five year lease term with a 5 + 5 year option.
‘Bay Village is located in the centre of Hastings St on the commercially favoured southern side of the street,” he said.
“This strip is the Sunshine Coast’s premier tourist destination and is constantly evolving. The “Woods” end of the street has witnessed major refurbishment to Hotel Laguna, Maison Noosa and Sandcastles in the immediate vicinity.”