High Profile Hastings St Investment Sold for $1,375,000
A strata retail investment property with a high profile tenant in a popular food court in the famous Hastings Street tourist strip at Noosa Heads on the Sunshine Coast has been sold by Ray White Commercial for $1,375,000.
The 194 sqm tenancy in Bay Village at 27/18 Hastings Street which has had Montezumas restaurant as a long time tenant was sold to a local investor by Ray White Commercial Noosa & Sunshine Coast North’s Paul Butler and John Petralia.
John Petralia said the Offers to Purchase campaign on behalf of a local investor owner quickly attracted four inquiries with the successful purchaser a local who had been seeking commercial investment opportunities. The sale price represented a yield of 7.9 per cent.
“The buyer has been a regular diner in the restaurant so was familiar with the property and the tenant, who has traded from this site for 14 years,” he said.
“The initial offer was for $1.2 million and then the owner countered with $1.4 million. The offer then increased to $1.325 million and the owner countered with $1.39 million. The offer increased to $1.375 million which was accepted by the vendor.”
Paul Butler said the first floor property fronts the Bay Village complex and is clearly visible to foot traffic on both sides of Hastings St.
“This exposure and the length of time that the tenant has traded from this site, makes it a popular destination for diners,” he said.
“Properties of this size are rare in Hastings Street resulting in strong demand from tenants and therefore investors.
“Bay Village is known to locals and tourists as the place to go for reasonably priced food and retail choices in Hastings Street. This property and its long standing tenant maximize on this fact.”
Paul Butler said the body corporate is planning a major refurbishment of the Bay Village complex.