Coast retail property sells for $3.075m
THE freehold investment interest of 62 Landsborough Pde, Golden Beach, has been sold by CBRE and Ward Commercial for $3.075m.
The retail complex sold on a yield of 7.09 % as a result of an expressions of interest campaign.
The property is well located in the highly popular Golden Beach retail precinct and sits on 1033sq m of land with 20 car parks.
It sold to a Sydney investment syndicate looking for strip shopping with a mix of tenants.
As such, the mix of tenancies such as bakery, real estate, food and professional offices provided for a level of certainty.
Peter Ward of Ward Commercial said the property had a diverse income mix from 15 tenants occupying a lettable area of 807sq m.
"A number of the tenants have been in occupation for decades which added value to the investment profile," he said.
Golden Beach is about 2km south of the Caloundra CBD and on the gateway to Pelican Waters.
Co-agent, Brendan Robins of CBRE said the property attracted significant interest from a range of buyers across Australia with five formal offers received.
"The yield of circa 7% is consistent with the wider market as investors continue to chase a return on capital whilst maintaining security of income."
Retail property on the Sunshine Coast, particularly if backed up by strong lease covenants and a diverse mix of income, are keenly sought by investors.
The Sunshine Coast commercial market remains buoyant on the back of population growth, increased business confidence and the continued cycle of low interest rates.
62 Landsborough Pde
What: Freehold 807sq m retail and commercial building on 1033sq m of land (20 car
Features: 15 tenancies - net income of $218,604 pa
Result: Sold for $3.075m
Agent: Brendan Robins of CBRE Sunshine Coast and Peter Ward of Ward Commercial
Contact: 0402 159 588, 0412 001 700