EXPRESSIONS of interest are being sought for a prime retail investment on four lots with a pharmacy anchor tenant at Ground Floor/77 Mooloolaba Esplanade.
The asset, that comes with 401sq m* of total building space, is within the tightly-held retail strip and the sites can be purchased individually or in-one-line.
The properties are being marketed and sold by Ray White Commercial Noosa and Sunshine Coast North Property Consultants Matt Marenko and Louisa Blennerhassett.
Mr Marenko said the Mooloolaba Beach Pharmacy was a local institution and had operated on Mooloolaba Esplanade since the 1950’s.
“Whilst retail investments are strong in today’s market, the stability and permanent nature of a pharmacy makes them a red-hot asset,” Mr Marenko said.
“The four separate titles provide the opportunity to split the space in the future, but currently, the asset produces $373,360* p.a. net income with a fixed four per cent annual increase.
‘The building has also recently received an upgrade to the external façade and paving.”
Ms Blennerhassett said the multi-tenanted investment provided a reduced risk profile for investors and had impressive frontage to Mooloolaba Esplanade.
“Investors have a desire for long-term leases with stable tenants and the Mooloolaba Beach Pharmacy fits that profile perfectly, with a lease until 2027, with options up until 2034, Ms Blennerhassett said.
“Mooloolaba Osteopathy and Massage Clinic occupy the balance with a lease up until December 2021, which commenced in 2011, with an option until 2026.”