Noosaville Showroom Sold for $4.2 Million
A tenanted investment opportunity in a busy Noosaville commercial and retail precinct on the Sunshine Coast has been sold by Ray White Commercial Noosa & Sunshine Coast North for $4.2 million.
Lot 1 in the Noosa Homemaker Centre at 18 Thomas Street, Noosaville, was sold to a private investor by Ray White Commercial Noosa & Sunshine Coast North Directors Paul Butler and Paul Forrest on behalf of a private owner for a yield of 7.5 per cent.
Paul Butler said the 1461 sqm property is the largest individual showroom in the Noosa region and with long term, high profile tenants in place is returning net rental income of approximately $316,000 per annum.
“The national brand tenants in the showroom are Forty Winks and Rivers, with the latter recently renewing their lease,” he said.
“The result represented a yield of 7.5 per cent which given the weighted average lease expiry (WALE) and higher price bracket for Noosa is a strong result.
“Prior to Rivers renewing their lease the site was sought out by high profile Australian tenants. The owners have never had a vacancy in the showroom.”
Paul Forrest said the showroom is well positioned next door to Dan Murphy’s and Woolworths.
“This is a well patronized retail centre with three street frontages to main Noosaville Roads providing high exposure,” he said.