A SUNSHINE COAST investor has snapped up a tenanted riverfront retail investment in affluent Noosaville for $1,340,000 under the hammer at Lot 23/185-187 Gympie Terrace.
The asset was marketed and sold by Ray White Commercial Noosa and Sunshine Coast North Property Consultant John Petralia.
Mr Petralia said the investment was part of the Islander Resort and offered dual income from the commercial tenant and two-storey residential unit directly above.
The commercial component had a 74sq m* building area and the occupant, Moondoggy’s Café Bar, had recently signed a new three-year lease with 3×3-year options.
“Moondoggy’s Café Bar has been operating for almost 20 years and the new lease signed offered potential buyers even more security,” Mr Petralia said.
“We had strong enquiry from local and interstate investors and that culminated in seven registered bidders competing on auction day.
“A strong crowd gathered at the front of the property with bidding starting at $1,000,000 before quickly rising to $1,300,000. After consulting with the vendors, the property then went on the market, and there were four further bids to the sale price of $1,340,000.
“The price achieved is a record for the complex. The great figure was made possible by the strength of the commercial tenant and the relationship it has with the resort, and the standard of renovations to the residential unit.
“The residential unit is currently let through the Islander Resort and the recent renovation has seen it elevated to a luxury standard.
“Net rental income from the retail tenancy totaled $60,000 plus outgoings plus GST and the residential unit provides a $20,000 p.a. net income.”