INVESTORS have snapped up two outstanding commercial properties on the Sunshine Coast as 1788 David Low Way(above) in Coolum Beach and Cooroy’s 18 Maple Street(below) were sold under the hammer for a combined total value of $5.19 million.
After successful auction marketing campaigns, Ray White Commercial Noosa and Sunshine Coast North Property Consultants Tracey Ryan and David Brinkley sold both assets on the day, with the properties selling under the hammer and over their reserves.
The 242sq m* investment at 1788 David Low Way sold for $3.46 million and the property at 18 Maple Street successfully sold under the hammer for $1.73 million.
“The Coolum Beach asset represented a premium beachside redevelopment option, currently comprising three commercial tenancies and six residential tenancies,” Mr Brinkley said.
“We had a record attendance at the auction with more than 50 people witnessing the excellent result and the property itself attracted eight registered bidders on the day.
“Right now, there’s keen interest in the only vacant shop from multiple tenants looking to secure a space in Coolum Beach.”
“The Cooroy asset attracted eight registered buyers and the competitive bidding ensured that this sale set a new record on Maple Street,” said Ms Ryan.
“It’s the fourth sale that I’ve been able to achieve in just four months and sales are seeing yields of between six and seven per cent.
“The property itself benefited from being in the heart of the business district and the blue-chip tenancy of Sunshine Mitre 10 really appealed to investors.”
*Approximately.
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.