A LOCAL investor has snapped up the freehold of Weyba Medical Centre in ever-popular Noosa as 18 Mary Street sold for $2,150,000 in Noosaville.
The asset, that came with 221sq m* net lettable area spread across two levels plus balcony areas on 878sq * land area, was sold on a net yield of 6.4 per cent.
The property was marketed and sold by Ray White Commercial Noosa and Sunshine Coast North Property Consultant David Brinkley.
“We started marketing the property with only two tenants secured in leases. During the sale process, we located a third tenant to lease the last vacancy for the vendor, which in-turn made it an even more attractive opportunity to the investor market,” Mr Brinkley said.
“Two are Allied Health-based, the other is a general medical practice, and we saw strong enquiry levels on this prime site due to several factors.
“Allied Health and medical-based tenants were and still are seen by investors as a safer and more reliable performing section of the market, even more so during the COVID-19 pandemic, with their ability and necessity to continue trading throughout.
“The building is literally sat in the heart of one of the most sought-after areas on the Sunshine Coast and is within minutes of all the facilities any tenant/owner could require.
“The modern-look building comes with plenty of off-street parking, which is one of the key things tenants are chasing – real convenience for staff and clients.
“Stand-alone investments without body corporate structures are proving highly sought-after investments by buyers.
“Having the ability to be 100 per cent in control of every decision regarding the property really is something buyers are willing to pay a little extra for. We have a strong database of clients hunting specifically for these stand-alone opportunities.
“The successful buyer was an investor/owner-occupier I’d been working with for several years now, trying to find a suitable location for them to relocate their professional offices to.
“We were struggling to find the right fit for the buyer as it ideally needed to not only be the right size, layout and prominent position, but also be available to match in with when their existing lease expired.
“When 18 Mary Street came up for sale I spoke with the prospective buyer and explained that whilst the ground floor was tenanted on a long-term basis, we’d be able to free up an upstairs tenancy within 12 months to match in with the expiry of their lease.
“It was a rewarding experience to not only get a sale across the line for the sellers but to assist the buyers to find a perfect fit as they’d been so patient in the search for the right investment.”