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Noosaville is a Magic Mix for Commercial Property Owners and Investors

By Michele Dale

Noosaville commercial property continues to be in hot demand, with market maturity and stability providing a buffer against uncertainty.

The growing Noosa suburb has all the right ingredients for a commercial investment or business location. Its bustling retail strip of chic coffee shops, restaurants, boutiques and buzzing bars is an effortlessly cool place to be for locals and visitors alike.

The sparkling blue waters of the Noosa River, flanked by vast open space, make the village a dream destination for tourists or city dwellers seeking a sea change. And Noosaville’s thriving commercial centres are highly sought after by start-ups, service-based businesses, creatives, medical, allied health and retail.

This magic mix of benefits continues to attract a bevy of investors and residents from interstate, with strong interest from Sydney and Melbourne enduring despite more subdued economic conditions.

Paul Butler, Ray White Commercial Noosa & Sunshine Coast North principal, said Noosaville has matured as a commercial investment location, with the best yet to come.

“Noosaville has been an active market where many new owners have gone into either freestanding or new strata stock to run businesses or as an investment. There has already been a change in the commercial mix, with more service businesses, retail style industrial and the absorption of smaller stock by innovative new businesses,” said Paul.

“With so much fresh talent, we expect to see more commercial renovations and possibly tenant upgrades over time which will continue to raise the bar.”

Noosa Chamber of Commerce President Ralph Rogers said that twenty years after the riverfront landscape upgrade, Gympie Terrace has come into its own.

“There’s a significant residential population in the immediate catchment area, making it an ideal location for service businesses. And it has a really nice mix of tourist and residential amenity. That makes it pretty unique,” said Ralph.

ZONING FORESHADOWS FUTURE COMMERCIAL GROWTH

The 2020 Noosa Plan offers a glimpse into the future of Noosaville as a commercial centre.

Noosa Business Centre (NBC), including the existing Noosa Civic shopping centre and surrounding retail showrooms, is designated a “major centre zone”, earmarked for future population and commercial growth, including additional retail and bulky goods stores.

The adjoining NBC Business Park precinct facilitates commercial office space for professional services, including health and wellbeing, education, research and technology enterprises.[1]

The nearby Hofmann Drive Business and Industry Precinct will include a mixture of retail, entertainment, residential and businesses compatible with surrounding commercial, industrial and residential use.

Tapping into the growing market for innovation and creativity, the Gateway West Makers Precinct in Gateway Drive provides opportunities for smaller scale businesses, start-ups, creative industries and service trades, alongside complementary food and beverage or retail.[2]

Mr Rogers said Noosaville has become a key economic centre for the entire Noosa Shire and outlying townships.

“Ten years ago, Noosaville was like an add-on to Noosa. Now it is the centre of Noosa, a significant trading area from a retail and service point of view,” he said.

QUALITY PROPERTIES SNAPPED UP QUICKLY

Alongside the well-known lifestyle appeal of Noosaville, this proactive approach to economic diversification ensures Noosaville continues to attract interest from all over the country.

Noosaville’s median house sale price is $1,855,000, with a massive 32% growth recorded over 12 months (based on 149 sales).[3] And recent sales by Ray White Commercial Noosa & Sunshine Coast North demonstrate quality commercial properties are still being snapped up quickly.

Earlier this month, a 282m² warehouse plus additional mezzanine storage at 7/169-171 Eumundi Road Noosaville changed hands in a hotly contested pre-auction sale.

T Boat Hire, the largest and most prominent watercraft business on the Noosa River based at 290 Gympie Terrace, sold for an undisclosed amount in June. The rare foreshore/riverbed leasehold and business with 80 years of history will now be steered by an enthusiastic water-loving family, formerly of Byron Bay.

Down the road at Lot 1/187 Gympie Terrace, an unusual set of circumstances saw the former Pussycat Junction shop and two-bedroom residential unit located directly above sold at auction. A couple from Melbourne out for a coffee walked past the auction just in time to scoop up the property by placing a winning bid of $855,000.

A high profile piece of Noosaville’s tightly held waterfront commercial real estate at Suites 3 & 4/253 Gympie Terrace was also sold at auction this year for a total of $1.75 million, marketed by agents Tracey Ryan and David Brinkley.

A prime high exposure 1,797m²development site at 144 Eumundi Road Noosaville sold at auction last week. The property attracted interest from local and national bidders, delivering a great result.

ROBUST ECONOMY PROVIDES INSULATION

Agent Tracey Ryan says uncertain economic conditions have failed to dampen enthusiasm for the wider Noosaville area.

“Overall, it’s business as usual for Noosaville. We’ve seen the usual influx of school holiday and grey nomad tourists from Brisbane and the southern states. The dining precincts are packed and the boutique businesses in the industrial area are being well patronised,” Ms Ryan said.

With little commercial stock available across Noosa and commercial property being tightly held in Noosaville, sales continue to achieve impressive results and it’s common for properties to sell before auction.

Markets like Noosaville and most of the Sunshine Coast appear to be well insulated against economic fluctuations because of their prime location, population growth and robust economy.

“Demand is still there and properties are still selling quickly. If you want high returns, now is a good time to sell or divest as part of a portfolio refresh,” said Mr Butler.

Get in touch for a complimentary property appraisal or give us a call to talk about refreshing your property portfolio. 

To get in touch with the team at Ray White Commercial Noosa & Sunshine Coast North call +617 5474 7600 or email us at noosacommercial.qld@raywhite.com

[1] Noosa Council,Noosa Plan 2020 Fact Sheet 9: Industry Zones, accessed 19 July 2022.

[2] Noosa Council,Noosa Plan 2020 Fact Sheet 9: Industry Zones, accessed 19 July 2022.

[3] Realestate.com,https://www.realestate.com.au/qld/noosaville-4566/, accessed 15 July 2022.

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