Victorian buyer demand reigns supreme as Noosa Junction retail investment trades hands
A popular Noosa Junction retail strip has been sold to a Melbourne based investor for $6.8 million.
The campaign, managed by CBRE’s Rorey James, Rem Rafter and Kevin Tong, attracted over 100 enquiries from both domestic and international investors.
‘Oasis Centre’ at 16 Sunshine Beach Road comprises 10 retail and office tenancies across two buildings and 15 car parking spaces.
The 1,518sqm site, which offers an annual net income of circa $358,000, was offered for sale on behalf of the family that has owned the centre for 30 years.
The sale price translated to a yield of 5.2% and a building rate of almost $9,000psm, providing strong indicators of the current demand for assets in the Sunshine Coast and Noosa markets.
Mr James commented; “With more than $50m of active capital now looking to acquire commercial properties in the Noosa region, we are seeing strong signs that investors are confident about the direction in which this market is heading.”
Located in one of Australia’s most renowned tourist destinations, the prominent site has more than 50 metres of frontage to the popular Sunshine Beach Road, the main thoroughfare through Noosa Junction.
Centre tenants include the Black Pepper Café, Mermaid Swimwear and Village Bicycle.
Mr Rafter added that the campaign had generated strong interest given the property’s location in one of Australia’s renowned tourist destinations.