Noosaville Investment Sold at Auction for $1.8 Million
A freehold tenanted investment opportunity in the heart of the Noosaville retail/commercial precinct on the Sunshine Coast has been sold at auction by Ray White Commercial for $1.8 million.
The two storey commercial/medical complex at 20 Mary Street, Noosaville, was sold to a local investor by David Brinkley and Paul Butler of Ray White Commercial Noosa & Sunshine Coast North.
It was sold on behalf of a local business partnership for a net yield of 6.6 per cent.
David Brinkley said there was a strong response to the marketing campaign for the property with multiple inspections, and the on-site auction attracted 12 registered bidders.
“Seven of the bidders were active during the auction and bidding started at $800,000 and increased to $1.8 million during a highly competitive auction,” he said.
“We had interstate buyers fly up for the auction and two phone bidders attempting to be the successful buyer on the day.
“The eventual buyers had been looking for an investment around Noosa for some time and knew that the 20 Mary St freehold was worth fighting for due to its position and quality of tenants, which includes a physiotherapist, pathologist and an engineering consultancy.”
Paul Butler said the offering generates net rental income of approximately $120,000 per annum.
“The fully tenanted building offers a net lettable area of approximately 326 sqm and is situated on a land area of approximately 878 sqm,” he said.
“The property is situated directly opposite Noosa Village Shopping Centre, Dan Murphy’s, Liquor Store and Villa Noosa Hotel. Neighbouring buildings include a mixture of medical, professional and some residential.”