Buy a slice of Noosa beachfront
The owners of Noosa’s renowned Sails Restaurant plan to sell their prime waterfront site, with expectations the bay-front land will reach $11 million.
Lyndon Simmons has listed the restaurant and wedding venue on Hastings St, which he developed on freehold land more than two decades ago. The operation will continue with a 10-year lease in place and three possible five-year extensions.
Agent Tom Offermann says the two-storey restaurant is tucked in a protected corner of Noosa’s Main Beach.
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“Noosa is certainly a world-class coastal village and this site is right at the epicentre of everything,” he said.
“It’s not your usual commercial property and it’s not going to appeal to the hard-nosed commercial investor looking purely at immediate return on investment.
The next owner is, I think, unlikely to ever sell the property.
“The person to whom it will appeal will be the investor who can see this location will always have a tenant because there will always be restaurateurs wanting one of the best restaurant sites in the country, and someone for whom a legacy property appeals.
“The next owner is, I think, unlikely to ever sell the property.”
Noosa property is buoyant, following a median price rise of 12% for houses in the shire over the past year, according to the Real Estate Institute of Queensland. Units rose an average of 3%.
Trading conditions for businesses and tourism have been strong over the past three years in line with increasing visitor numbers. Herron Todd White reported an upgrade to Hastings St about four years ago improved foot traffic and there has been little retail vacancy since the amenity boosts.
Interstate visitors increased by 77% last year — mainly from Melbourne and Sydney — and spent 36% more than the previous year.
Interstate visitors spend the most of any of Noosa’s visitors, at $228 each a day.
This article originally appeared on www.theaustralian.com.au/property.
