Colliers announce the successful sale of Lots 1 & 2/33 Hastings Street, Noosa Heads, a premium asset on one of Australia's most renowned retail strips. 

This trophy property, spanning 108 sqm across two titles with over 10 metres of Hastings Street frontage, was acquired by an interstate investor from the ACT for $7.1 million, yielding a net return of 5 per cent. The campaign was led by Nick Dowling, Colliers Managing Director of the Sunshine Coast office, and Reff Sykes, Executive Commercial, Sales and Leasing. 

Anchored by a long-term lease to the international fashion brand Rodd & Gunn, the property had been held by the same family for over 30 years. Described as a once-in-a-generation opportunity, this sale offered investors a rare chance to acquire a premium piece of real estate in a high-profile location. While a similar property sold last year at a comparable yield, there have been very few transactions on Hastings Street over the past two years. 

“Prime Hastings Street assets are extremely tightly held, with many owners possessing multiple assets on the street. The seller redeveloped the complex, which includes three single level apartments, approximately 20 years ago and has maintained the retail tenancies since,” Mr Dowling said. 

Recognising the unique nature of this asset and the typical buyer profile of Hastings Street owners—high net worth investors from across Australia—Colliers recommended an Auction campaign as the most effective method of sale. Throughout the campaign, Colliers leveraged its National Premium Investment platform and local Noosa expertise to highlight the historical capital growth of Hastings Street and target the most suitable buyers.

“The campaign attracted significant interest, with enquiries from overseas, interstate, and local investors. Southern investors, particularly from Victoria, have a fondness for Hastings Street assets, with many of the streets trophy assets owned by southerners,” Mr Sykes said.

“The campaign resulted in four registered bidders on auction day and several parties expressing interest post-auction. Colliers successfully secured an offer at the reserve price within four hours, demonstrating the effectiveness of their strategic approach,” Mr Dowling added.

Following this sale, Colliers are working with numerous investors wanting to be informed of any comparable assets that may become available. Colliers' targeted marketing and expert local knowledge were instrumental in achieving this outstanding result, showcasing their ability to connect with buyers from multiple markets and deliver exceptional outcomes for their clients.

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