The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterWed 07 Jun 17

Melbourne Buyer Drops $21 Million For Noosa Retail Hotspot

SC_RET_50-Hastings_620x380

Continued economic growth in the Sunshine Coast has underpinned the sale of a prominent retail centre on Noosa’s iconic shopping strip for $21 million.

Located at 50 Hastings Street – Noosa Heads’ renowned tourist hub – the two storey retail asset comprises six tenancies, including the popular Laguna Jacks bar and restaurant, a 7 Eleven, Ben & Jerry’s Ice Creamery and Betty’s Burgers.

CBRE’s Rem Rafter and Brendan Robins negotiated the off market sale on behalf of the local vendor, who has owned the property since the 1970s. The sale reflected a yield of 5.98% on the net income.

A Melbourne family purchased the asset – representing their third Sunshine Coast investment in the past 12 months.

“This sale highlights the strong appeal of the Sunshine Coast from an investment perspective, with a rapidly growing population, increasing tourism numbers and a slate of major infrastructure and commercial developments helping position it as an attractive investment destination,” Mr Rafter said.

“This property’s position in the tourism mecca of Noosa Heads was a major focal point for prospective purchasers, with Hastings Street the heart of Noosa’ food and fashion retail scene, in addition to being surrounded by luxury beachside holiday accommodation.”

Positioned on a 781 square metre corner site, the retail centre is surrounded by a number of major retailers, including Hugo Boss, Witchery, Rodd & Gunn, Rip Curl, Billabong, Kookai and Lorna Jane.

The average rental along Hastings Street ranges from between $2,000 per square metre and $4,000 per square metre.

Mr Robins said the property represented an outstanding and rare opportunity to acquire a presence in one of Queensland’s most desirable retail markets.

“One of the last remaining freestanding retail properties in Hastings Street, this asset offered both investment security through a diversified income from six tenants, as well as a strong long-term outlook given its prime position in this highly regarded tourism and investment location,” Mr Robins said.

RetailAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
View All >
Sponsored

HCP: Real Projects, Real People, Real Returns

Partner Content
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
Rumi on Louth Villa aerial view
Hotel

Rumi Resort Plots Cabins for Villas Switch on SA Island

Leon Della Bosca
The developer wants to vary its approved second stage, opting for mixed accommodation to broaden its market appeal…
LATEST
Finance

HCP: Real Projects, Real People, Real Returns

Partner Content
5 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Rumi on Louth Villa aerial view
Hotel

Rumi Resort Plots Cabins for Villas Switch on SA Island

Leon Della Bosca
4 Min
The construction site which will one day become Newcastle Tallest Tower by Urban Property Group
Residential

Urban Property Group Reveals Newcastle Tallest Tower Plan

Renee McKeown
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/melbourne-buyer-fans-21-million-noosa-retail-hotspot