CBRE’s Brendan Robins and Ryan Parry have negotiated the $5.06 million sale of a prime Noosa Heads commercial property on behalf of the vendor, a private NSW-based investor. With a net lettable area of 113sqm, Shop 1 at 55 Hastings Street is leased to Lorna Jane Pty until August 2022 with a five-year option and has a net rental income of $265,533 after land-tax deductions. In 2007, Robins managed the sale of the same property, then tenanted by Hugo Boss, for $4.65 million. The property feature
operty features a nine-metre frontage to Hastings Street, the town’s main thoroughfare, and benefits from the location’s heavy foot traffic and strong tourism industry.
Robins said, “The offers-to-purchase campaign attracted more than 30 inquiries from qualified investors, with the sale price translating to a yield of 5.25 per cent and a rate of $44,779 per square metre.”
Tourism Noosa says that last financial year there were almost two million visitors to the area, spending almost $900 million.
The most recent transaction follows continued growth in Noosa’s residential property market, despite the downturn in Sydney and Melbourne, with several Sunshine Beach properties recently transacting for over $15 million.
