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Tenanted Cooroy Retail Investment Sold for 8% Yield
A tenanted retail investment in the Sunshine Coast hinterland railway town of Cooroy has been sold by Ray White Commercial Noosa & Sunshine Coast North for an eight per cent yield.
The 138 sqm tenancy leased by French patisserie Maison de Provence at Lots 8 & 9, 13 Garnet Street, Cooroy, was sold to a local investor for $493,750 by Tracey Ryan of Ray White Commercial Noosa & Sunshine Coast on behalf of a local developer.
Tracey Ryan said the vendor was the original local developer who completed the building in 2007 and worked with Ray White Commercial Noosa & Sunshine Coast North to sell and lease the retail development to a mix of owner occupiers and investors.
“The sale reflects the current strong demand for investment property in the $500,000 price range on both the coast and hinterland areas of the Sunshine Coast,” she said.
“The ‘Wattle Street’ development, which is on a 982 sqm site, is a popular destination for Noosa lunch goers and also includes a boutique travel agency, a financial services business and a dental surgery.”
Tracey Ryan said the owner of Maison de Provence was formerly a head pastry chef for the Ritz Carlton hotel group.
Cooroy is located approximately 22km west of Noosa Heads.
The RWC Noosa & Sunshine Coast commercial property consultant is known for developing strong relationships and outcomes that benefit all parties.
The Sunshine Coast maintains a tight grip on its office space, boasting a 5% vacancy rate, the bright spark in an otherwise gloomy national office market.