Noosa Junction Retail Building Sold at Auction for $1.35 Million
A commercial retail building at Noosa Heads on the Sunshine Coast has been sold at auction for $1.35 million after being put on the market for the first time in more than 35 years.
The partially tenanted property on a 526 sqm site at 10 Lanyana Way, Noosa Heads, was sold to GCMT Properties by Ray White Commercial Noosa’s Paul Butler, Paul Forrest and Tracey Ryan on behalf of a local investor for a passing yield of 6.3 per cent.
Paul Butler said the property was on the market for the first time since 1979 and it attracted considerable interest during the marketing campaign.
“The owner was committed to selling the property after holding it all these years, simply stating that it was time to hand it over to an owner who will invest the time on bringing the property back to its best,” Paul Butler said.
“We had more than 40 inspections of this older style building and nine registered bidders at the auction.
“Despite poor weather on the day of the on-site auction, we had a good turnout and plenty of keen bidding on the property until it sold under the hammer for $1.35 million.”
Paul Forrest said the single level approximately 281 sqm building in the heart of Noosa Junction is divided into four tenancies which are all occupied except for one approximately 70 sqm outlet.
“Fully tenanted, the property has projected net income of approximately $120,000 per annum and among the long term tenants in the building are Lifeline and Noosa Body and Skin Care,” he said.
Tracey Ryan said the property is well positioned directly opposite the main entrance to Noosa Fair and Coles Supermarket.
“The property enjoys a good level of pedestrian traffic flow as well as vehicular traffic past the front of the property,” she said.
“The property will also benefit from the future redevelopment of the nearby former Noosa Heads Bowls Club site by Coles.”