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Melbourne investor snaps up another Sunshine Coast strip

Noosa retail stripA Melbourne family has purchased a retail asset in Noosa’s Hastings Street for $21 million, making it the family’s third Sunshine Coast investment in the past 12 months.

Located at Hastings Street, Noosa Heads’ renowned tourist hub, the two storey retail asset comprises six tenancies, including 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 per cent on the net income.

Rafter said the sale highlighted strengthening confidence in the Sunshine Coast economy and the positive impact on the region’s property market.

“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,” he said.

He added the 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 781sqm 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.

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,” Robins said.

“This property marked the purchaser’s third Sunshine Coast investment in 12 months, which goes to highlight growing confidence in the region’s property market and subsequent strength of the local economy.”

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