Have commercial sale declines been across all price ranges?
As interest rates show some stability, there has been a renewed confidence in commercial property investment with enquiry levels reportedly up.
Tenanted Sunshine Beach Retail Investment Sold
A tenanted retail strata investment in the tightly held and hugely popular commercial strip of Sunshine Beach near Noosa on the Sunshine Coast has been sold at auction by Ray White Commercial for $990,000.
Lots 1 & 2 at 56 Duke Street, Sunshine Beach, which has XO Cellars bottle shop as a long term tenant, were sold to a local investor by Ray White Commercial Noosa and Sunshine Coast North’s John Petralia and Paul Butler.
The 88 sqm tenancy with a 48 sqm exclusive use area was sold on behalf of out of town investors for a yield of 6.1 per cent.
“We had very strong interest during the marketing campaign for this investment opportunity with 38 inquiries and two offers prior to auction,” John Petralia said.
“The on-site auction attracted 10 registered bidders and people flew from Melbourne and many others drove up from Brisbane to attend.
“There was very keen bidding with the property going on the market when bidding reached $980,000 and selling under the hammer for $990,000.”
Paul Butler said one of the extra attractions of the property was that the tenant has also installed a third party ATM machine in the shop front.
“This attracts customers to the business as well as generates additional income for the tenant via a transaction rebate,” he said.
“There are also two exclusive use car parks. The commercial strip in Sunshine Beach is tightly held and with its mix of restaurants and village feel it is a popular destination location for diners, locals and holiday makers.”
As interest rates show some stability, there has been a renewed confidence in commercial property investment with enquiry levels reportedly up.
The iconic Mount Henry Tavern is being brought to the market for the first time in over 30 years.