Tenanted Sunshine Beach Retail Investment Sold for $1 Million
Tenanted retail space in the tightly held and hugely popular commercial strip of Sunshine Beach near Noosa on the Sunshine Coast has been sold by Ray White Commercial for $1 million.
Lots 3 & 4 at 56 Duke Street, Sunshine Beach, which has a new Café Envy outlet as a long term tenant, were sold to an interstate investor by Ray White Commercial Noosa’s John Petralia on behalf of a local owner for a yield of 8 per cent.
“This 134 sqm combined tenancy is in a fantastic location in a premier suburb with no opportunity for new developments,” John Petralia said.
Café Envy also has cafes at Cotton Tree and Mooloolaba on the Sunshine Coast and Mr Petralia worked closely with the owners to find the right location for their expanding business.
“Café Envy was introduced to the Duke St property and took over the existing lease,” John Petralia said.
“Their reputation as an award winning café and healthy eating alternative as well as the renovation of the site was sufficient to complete the picture and gave the buyer the confidence to purchase the property.
“The buyer has a history with food service businesses and associated properties so was able to identify the potential in this site and the added benefit of a strong tenant.
“As the property is the combination of two lots, it has the benefit of exposure to Duke and Bryan streets with ocean views from the alfresco bar area. There are also two exclusive use car parks.”
John Petralia said with a strengthening residential market pushing up Sunshine Coast prices, there will be a natural flow on for commercial rental rates and capitalized values.
“The commercial strip in Sunshine Beach is tightly held and with its mix of restaurants and village feel it is a popular destination location for diners, locals and holiday makers,” he said.