AN Interstate investor has snapped up 18A Hastings Street, home to Noosa Heads retail institution “Signature on Hastings”, for $5.6M following an off-market campaign.
The asset was one of only five tightly-held single use freeholds left on the famous strip and came as a 180sq m* NLA retail investment on a 97sq m* allotment. The vendor had held the property for over 30 years.
The property was sold by Ray White Commercial Noosa and Sunshine Coast North directors Paul Forrest and Paul Butler.
“Hastings Street is highly sought-after by wealthy investors and remains very tightly held, with freehold properties particularly desired,” Mr Forrest said.
“The buyer already owns several assets on the strip, so they were one of a few parties we approached. Notably, this is the first freehold they have been able to secure and they are excited to add it to their portfolio.
“The market for Hastings Street retail assets has continued to strengthen since the GFC, and considering the current tenants have a five-year lease that commenced in 2016 with a five-year option, we knew the market would respond well to the opportunity.
“The strip goes from strength to strength and with the property producing an annual income of $306,000 p.a. net* + GST, the asset was a hot commodity.
“We’re delighted that following the success of our off-market campaign and long history of successful sales, we’ve been appointed as exclusive agents for the sale of ‘Peter Alexander’ at 28 Hastings Street.
“The expressions of interest campaign has to-date created very strong interest from all parts of Australia and overseas.”
Mr Butler said Signature on Hastings was a Noosa institution and was a unique concept store that was well-known by locals and tourists alike.
“The shop opened its doors on Noosa’s now-famous Hastings Street shopping strip in 1990 and it’s genuinely adored by everyone,” he said.
“The creation of interior designer Gail Hinkley, it started as a small women’s clothing and gift store, and has now grown into a well-established name in the homeware industry.
“Signature on Hastings stocks home décor, furniture, gifts, women’s accessories and clothing, as well as a unique range of children’s and baby gift items.
“Hastings Street is Queensland’s premier tourist destination and retail street. It vastly out-strips the Gold Coast, Port Douglas and Mooloolaba Esplanade for quality of accommodation, tourist spend, retail offerings and of course, dining experiences.”