Freestanding Caloundra Investment Sold for $2.05 Million
A tenanted freestanding investment in the heart of the Caloundra CBD on the Sunshine Coast has been sold prior to auction by Ray White Commercial Noosa and Sunshine Coast North for $2.05 million.
Currently leased to Upstairs Night Club and Star Pharmacy Group, the two storey retail building at 66 Bulcock Street, Caloundra, was sold to a private investor by Ray White Commercial Noosa and Sunshine Coast North Directors Paul Butler and Paul Forrest.
The property was sold on behalf of Cammeray Investments Pty Ltd for a yield of 7.8 per cent.
Paul Butler said the property was on the market for the first time in 14 years and it was underpinned by two good tenancies, with the popular night club operational for more than 30 years and the pharmacy recently commencing a five year lease.
“This building has two outstanding tenants and is returning net rental income of more than $160,000 per annum,” he said.
“The sale prior to auction shows the emerging strength of the Caloundra retail market after a period of high vacancy.”
Paul Forrest said there was strong interest in the older style, 560 sqm, two level concrete block building, which is centrally located on Bulcock St.
“’Upstairs’ is Caloundra’s only dedicated nightclub and has recently undergone a major refurbishment,” he said.
“The pharmacy, which will be trading as Caloundra Priceline, will also be undertaking a significant fit-out internally.
“They are taking full advantage of their location adjoining a medical centre on Bulcock St.”