A Noosaville industrial unit leased to a bakery has been sold for $600,000 by Ray White Commercial Noosa & Sunshine Coast North.
Unit 20, 11B Venture Drive was purpose-built for use as a commercial kitchen — and these are hard to find in Noosaville, according to agent Tracey Ryan.
“Our savvy interstate investor made several trips to inspect the property before negotiating aggressively to secure the property,” Ms Ryan says.
“The vendors, who live interstate, were looking to invest in a property closer to home and decided it was time to put it on the market.”
The property is in a 25-unit complex with metal decking and block buildings.
Surrounding businesses include other food businesses as well as a mechanical workshop.
“Noosaville continues to be short of commercial kitchens,” Ms Ryan says.
“The 260sqm tenancy, which includes a large grease trap and exhaust system, is leased to the bakery until 2020, with an option to extend.
“The net return is $51,766 per annum and the sale represents a yield of 8.6 per cent.”
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.