Tenanted Hastings St Investment Sold at Auction for $1.95 Million
An investment opportunity with clothing retailer Noosa Beach Club as a long term tenant in the Hastings Street tourist strip at Noosa Heads on the Sunshine Coast has been sold at auction by Ray White Commercial for $1.95 million.
The 43 sqm tenancy at 7/41 Hastings Street was sold to a local investor by Ray White Commercial Noosa & Sunshine Coast North’s David Brinkley and Paul Butler on behalf of an interstate owner for a yield of 7.1 per cent.
David Brinkley said the marketing campaign attracted 89 enquiries and there were four registered bidders at the on-site auction, which was well attended.
“There was strong interest in this centrally located offering which has Noosa Beach Club as a long term tenant,” he said.
“The property is returning net rental of $140,000 per annum and the tenant has a lease until November, 2020, with a five year option.
“We had interstate buyers and local buyers looking at the shop to purchase but a local investor got across the line in the end when the property was sold under the hammer.”
Paul Butler said Noosa Beach Club has traded in Hastings St for the past eight years and recently signed a new five year lease.
“Noosa Beach Club Clothing was established in 1989 at Lorne in Victoria,” he said.
“The operator has 14 stores stretching from coastal Victoria to Noosa in some of Australia’s most iconic beach side towns.
“This sale again shows growing confidence in the Noosa area and the general commercial market by investors.”