Hastings Street retail precinct sells for $10m
THE retail component of the Tingirana resort complex on the Hastings Street tourist strip at Noosa Heads has been sold for $10 million after being offered to the market for the first time.
Lots 1-5 at 25 Hastings St were sold in three separate transactions by Ray White Commercial Noosa directors Paul Butler and Paul Forrest on behalf of Tingirana Noosa Pty Ltd.
Mr Forrest said, including these three transactions, Ray White Commercial Noosa had completed some $20 million worth of sales on the Hastings St strip since January this year.
"The low Australian dollar, low interest rates and strong visitor numbers are all factors contributing to increased investor confidence in Noosa Heads," he said.
Mr Forrest said the retail properties, including the beachfront Seasons Restaurant, were quietly taken to the market and only offered to select pre-qualified clientele on the agency's database.
"Seasons Restaurant, which isone of only four direct beachfront restaurants on Hastings St, was sold to a Sydney buyer who had always admired the property for $4.05 million," he said.
"This was a yield of six per cent. The restaurant has a 10- year lease and has five years to run plus options."
Mr Butler said shops 2-4 in the complex were sold to a local investor for $4.35 million.
"The yield upon lease negotiations will sit at around seven per cent and the price equates to approximately $28,064 per sq m of nett lettable area," he said.
Mr Butler said Shop 1 was sold for $1.6 million or $29,090 per sq m as a vacant possession basis to an owner operator who has commenced renovations to the property.
"This was the first time these properties have been to market with the vendors holding the majority of the complex in one line."