Noosa Junction Retail Building Sold for $4.76 Million
A commercial retail investment opportunity at Noosa Heads on the Sunshine Coast anchored by a long term lease to banking giant Westpac has been sold for $4.76 million.
The property on a 992 sqm site at 1 Arcadia Street, Noosa Heads, was sold off-market to a local investor by Ray White Commercial Noosa & Sunshine Coast North’s Paul Butler and Paul Forrest for a passing yield of 6.6 per cent.
Paul Butler said the property was on the market for only the second time in its approximately 30 year history and is currently returning net rental income of approximately $318,000 per annum.
“This deal was done off-market between two of our existing clients,” he said.
“Westpac is the anchor tenant in the 725 sqm building and has a lease running until August, 20122.
“The buyer is a highly active local investor and the sale reflects the confidence in the Noosa Junction retail precinct.”
Paul Forrest said the property includes 10 tenancies ranging in size from 36 sqm to 184 sqm.
“Besides the Westpac bank branch, the tenancies include a mixture of food outlets, fashion and travel businesses,” he said.
“The property enjoys a good level of pedestrian traffic flow and will also benefit from the future redevelopment of the nearby former Noosa Heads Bowls Club site by Coles, which is situated directly opposite.”