Noosa ‘back and pumping’ after $21m retail sale
A prominent commercial building in the heart of Noosa has sold for $21 million in a sign the region is “firing on all cylinders”, tourism chiefs and agents say.
A private Melbourne family purchased corner-site 50 Hastings Street, leased by restaurants and shops, the third property buy on the Sunshine Coast in a year.
CBRE’s Rem Rafter and Brendan Robins sold the two-storey retail centre on behalf of a local investor who had held the centre since the 1970s in an off-market transaction, reflecting a 5.98% yield.
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In the centre of Noosa’s famed Hastings Street, the 781sqm development includes Laguna Jack’s restaurant and bar, a Ben & Jerry’s Ice Creamery, Betty’s Burgers, and a 7-Eleven.
Robins says the region, which has experienced doubled-digit tourism growth, is back and firing on all cylinders.
“Commercial property came 20-30% off the highs of 2008. Now they are back and they have arguably surpassed the peak,” he says. “The street is back and pumping.”
He says the restaurants have returned to a strong trade.
Last year Accor Hotels’ Sofitel chain took on the management rights to the 176-room former Sheraton Noosa, following its refurbishment and $108 million sale to the rich-lister Karedis family and pub barons, the Sydney-based Laundy family in 2014.
John Van Lieshout’s Unison Properties bought the Seahaven Resort for $38 million, and has refurbished it.
Fresh quarterly tourism statistics are due today, but the December 2016 quarter figures showed a 31% jump in domestic visitor spending throughout last year.
Tourism Research Australia’s national visitor survey found 883,000 domestic tourists had an overnight stay in Noosa, an increase of 17.6%.
This article originally appeared on www.theaustralian.com.au/property.
