Tenanted Cooroy Retail Investment Sold for 8% Yield

1 March, 2016 / Tracey Ryan
160301 Garnet St Cooroy

Tenanted Cooroy Retail Investment Sold for 8% Yield

A tenanted retail investment in the Sunshine Coast hinterland railway town of Cooroy has been sold by Ray White Commercial Noosa & Sunshine Coast North for an eight per cent yield.

The 138 sqm tenancy leased by French patisserie Maison de Provence at Lots 8 & 9, 13 Garnet Street, Cooroy, was sold to a local investor for $493,750 by Tracey Ryan of Ray White Commercial Noosa & Sunshine Coast on behalf of a local developer.

Tracey Ryan said the vendor was the original local developer who completed the building in 2007 and worked with Ray White Commercial Noosa & Sunshine Coast North to sell and lease the retail development to a mix of owner occupiers and investors.

“The sale reflects the current strong demand for investment property in the $500,000 price range on both the coast and hinterland areas of the Sunshine Coast,” she said.

“The ‘Wattle Street’ development, which is on a 982 sqm site, is a popular destination for Noosa lunch goers and also includes a boutique travel agency, a financial services business and a dental surgery.”

Tracey Ryan said the owner of Maison de Provence was formerly a head pastry chef for the Ritz Carlton hotel group.

Cooroy is located approximately 22km west of Noosa Heads.