Longboards Investment Sold for $4 Million

Longboards Investment Sold for $4 Million

A tenanted investment leased to iconic surfing retailer Noosa Longboards on the famous Hastings Street tourist strip at Noosa Heads has been sold by Ray White Commercial Noosa & Sunshine Coast North for $4 million.

The 92 sqm retail outlet at 2/55 Hastings St, Noosa Heads, was sold to a local investor by Ray White Commercial Noosa & Sunshine Coast North Directors Paul Butler and Paul Forrest on behalf of a local owner for a yield of 5.35 per cent.

Paul Butler said the sale price reflected a net rate of $43,478 per sqm.

“The 5.35 per cent return shows a continued strengthening in Hastings St, as the last sale was 5.45 per cent for a superior freehold property,” he said.

“In this case we had a local buyer looking for solid performing properties. There is limited quality stock available as the high volume of sales throughout 2016 has significantly decreased stock. There is limited stock for lease and rents, and a high demand for shops.”

Paul Forrest said Shop 2, 55 Hastings St enjoys a high profile with excellent pedestrian and vehicular traffic flow and was returning net rent of $225,000 per annum

“This property offered a very limited opportunity to secure a central Hastings St asset with the street presence of Noosa Longboards at Lot 2 ‘Noosa Court’,” he said.

“Traders in the vicinity include Hugo Boss, Blue Illusion, Aroma’s, Kookai, Lorna Jane and Gazman.”