Hastings St Investment Sold for $1.375 Million

Hastings St Investment Sold for $1.375 Million

An investment opportunity in the world famous Hastings Street tourist strip at Noosa Heads has been sold by Ray White Commercial Noosa & Sunshine Coast North for $1.375 million.

The 33 sqm commercial outlet in the Netanya Noosa Resort at 3/71 Hastings St, Noosa Heads, was sold to a local investor by Ray White Commercial Noosa & Sunshine Coast North Directors Paul Forrest and Paul Butler on behalf of a local owner for a yield of 5.0 per cent.

Paul Forrest said the buyer was an “opportunistic investor” looking to add to his portfolio.

“This property was being leased for gross rental of $80,000 per annum but the tenant was planning to vacate,” he said.

“Ray White Commercial Noosa & Sunshine Coast North were actively looking for a tenant for the property when the purchaser made the offer.”

Paul Butler said the sale reflects the continued strong market in the Noosa area and lack of quality stock in Hastings St.

“There’s very limited stock for lease this season,” he said.

“This outlet was ideally located in the Netanya Noosa Resort next to Massimo’s Gelateria and the Tommy Bahama sportswear store.”