Sunshine Beach Restaurant Investment Sold for $1.3 Million
A tenanted investment opportunity in the heart of the popular Sunshine Beach retail and café precinct on the Sunshine Coast has been sold by Ray White Commercial Noosa & Sunshine Coast North for $1.3 million.
The commercial units currently home to award-winning modern Asian restaurant XO at 5 & 6/56 Duke Street, Sunshine Beach, were sold to a private investor by John Petralia of Ray White Commercial Noosa & Sunshine Coast North.
The 171 sqm first floor property was sold on behalf of a local developer for a yield of 7.13 per cent.
After selling two other commercial units in the same beach front building, Mr Petralia said he approached the owner of the XO restaurant freehold who had unsuccessfully tried to sell the property with other agencies.
“Restaurants and upstairs tenancies can sometimes be difficult to sell, however, this site is in a tightly held precinct and is home to the award winning restaurant XO, which offers one of the most stunning locations in the Noosa region,” John Petralia said.
“My goal was to find a buyer who could see the value and rarity of the site as well as seeing the strength of the tenant. As the property wasn’t being advertised at the time, we used the extensive Ray White database to locate a suitable buyer.
“The eventual buyer had made inquiries through our office previously, but never for a restaurant. They had looked at a number of different properties and their goal was for a solid tenant in a well located position.”
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.