The tourist hotspot of Noosa continues to attract retail investment with the sale of a Hastings Street property to a local private family.

The $5.06 million sale was negotiated by CBRE’s Brendan Robins and Ryan Parry on behalf of the vendor, a private NSW based investor.

The property features a nine-metre frontage to Hastings Street, benefitting from the location’s heavy foot traffic and strong tourism industry.

Mr Robins said the Offers to Purchase campaign attracted more than 30 enquiries from qualified investors, with the sale price translating to a yield of 5.25 per cent and a rate of $44,779 per square metre.

At a glance:

• A retail asset at 55 Hastings Street, Noosa has been sold for $5.06 million, reflecting a yield of 5.25%.
• The address has a net leasable area of 113 square metres, with Shop 1 leased to Lorna Jane until August 2022,
• The deal was negotiated by y CBRE’s Brendan Robins and Ryan Parry on behalf of the vendor, a private NSW based investor.

With an NLA of 113sqm, Shop 1 at 55 Hastings Street is leased to Lorna Jane Pty until August 2022 with a five-year option and has a net rental income of $265,533 after land tax deductions.

Tourism Noosa report almost two million visitors to the area spending almost $900 million last financial year.

In 2007, Mr Robins managed the sale of the same property, then tenanted by Hugo Boss, for $4.65 million. 

The most recent transaction follows continued growth in Noosa’s residential property market, with several Sunshine Beach properties recently transacting for over $15 million. 

Similar to this: 

Northern Sydney office building sold for $11 million

CBRE named best property consultancy in Australia at Property Awards

Landmark Adelaide office and carpark listed for sale