Tewantin Market Garden freehold sells for $1.025M

AN interstate investor has snapped up the freehold of the long-standing Tewantin Market Garden on the Sunshine Coast for $1,025,000 at Shop 2/93 Poinciana Avenue.

The asset, that was completed in 2016 and formed part of the ‘Tewantin Place’ strata complex, offered a 142sq m* building area.

The property was leased, marketed, and then sold by Ray White Commercial Noosa and Sunshine Coast North Property Consultants David Brinkley and Tracey Ryan.

“Tewantin Market Garden relocated from a below street level position within Tewantin Plaza further up the street which they’d occupied for the better part of two decades,” Mr Brinkley said.

“The tenants had made the decision to relocate to this site on the Poinciana street front which gave them not only a street presence, but an opportunity to custom design a modern layout in larger premises, which enhanced their business and benefited their customers.”

“The business has adapted to the changed COVID-19 environment, with their business proving it has what it takes to survive the tough times with a loyal customer base, which is welcome news to the new vendor.”

“Our Sydney investor had very tight buying parameters for his investment purchase and the seller had based their sale price on an independent valuation,” Ms Ryan said.

“This created some spirited negotiations from 2019 when the property was first for sale as an off-market proposition until final agreement was reached five months later.

“Tewantin is a busy retail centre which is undergoing a revitalisation as the demographic in the area moves away from retirees to young families investing in the large blocks at prices slightly below neighbouring Noosa.”

*Approximately.