A Brisbane-based investor has bought a leased retail asset in Maroochydore for $1,047,000 through Ray White Commercial Noosa & Sunshine Coast North.
The 115 Maud Street site was purpose-built for the former Brodie Lighthouse chain, according to agent David C Smith.
“The vendor has owned the property for about 17 years,” Mr Smith says.
“It was originally a lighting store but for the past 10 years or so, the 300sqm tenancy has been occupied by Sitting Around — a furniture business specialising in chairs and tables.”
Sitting Around started a three-year lease in April 2017 and has two three-year options.
Mr Smith says the sale price represents a yield of 7.15 per cent.
The annual gross income is $81,600 (plus GST) and the vendor is an interstate investor.
“The property attracted lots of interest and we received offers from $900,000 to $1,047,000,” he says.
Located on the intersection of Maud Street, Sugar Road and Trinder Avenue, the property has on-site parking and is near well-known businesses including Jaycar, Lawrence & Hansen Electrical, Profile magazine and Think Money.
As we lead into summer, commercial property investors should be taking proactive steps to safeguard their assets against the risks of extreme weather, such as wild storms and dry conditions.
Competition for limited commercial space in Noosa’s Hastings Street is hotter than ever, with an influx of high-end and luxury brands.