Esplanade continues to appeal
A UNIQUE retail investment on Mooloolaba Esplanade has just settled for $1.55million, increasing the total volume of retail strata sales at the Peninsular Resort Mooloolaba to $7.77million in the past 13 months.
Ryan Parry of CBRE Sunshine Coast handled each of the total five transactions and has confirmed this latest one only took a few days to get to contract unconditionally prior to Christmas.
Lot 22 at the Peninsular Resort has a new five-year lease to a bakery café occupying 62sq m of internal space but the real drawcard was the additional exclusive use 18sq m juice bar kiosk, which also had a renewed five-year lease.
With a combined annual net income of $114,911 per annum and boasting the only approved exclusive-use kiosk on the entire Esplanade, the agent reported very strong interest from investors for this property.
"Since late 2014 the Sunshine Coast has experienced a notable increase in investor appetite in the sub $5million price range, so when well-leased retail properties in prime locations such as Mooloolaba Esplanade come to market, we are consistently achieving above client expectations," Mr Parry said.
The latest transaction was sold on behalf of a local family who had owned the shop since the Peninsular Resort was developed more than 20 years ago.
The successful purchaser, also a local Sunshine Coast resident, is a very active private investor with a keen eye for good quality well placed assets.
"Due to the volume of retail properties CBRE Sunshine Coast have taken to the market and successfully transacted along the popular shopping and dining strip, there is a significant number of qualified cashed up investors waiting for their opportunity,'' Mr Parry said.
The local CBRE office confirmed there will be several other top class food and beverage style investments on the Esplanade coming to market before the end of this financial year, which will be very appealing to investors in this class.
21 Peninsular Resort, 13 Mooloolaba Esp
Features: Retail investment with a new five-year lease on 62sq m bakery café and renewed five-year lease on 18sq m juice bar kiosk; Returning $114,911 per annum net; opposite Mooloolaba Beach and surf club
Price: Sold for $1,550,000 in January 2017
Agent: Ryan Parry at CBRE
Contact: 0419 675 758