A tenanted beachside retail asset in the heart of Caloundra has sold for $675,000 to a Brisbane private.
A tenanted beachside retail asset, ideally located at 1, 12 Otranto Avenue on the ground floor of Monaco Resort in the heart of Caloundra, has sold for $675,000 to a Brisbane private.
The campaign for the property generated 39 enquiries and four written offers, and the transaction, negotiated by Will Carman and Scott Gardiner of Savills, represented a net yield of 7.2%.
The retail strata lot, built in 2010, features a modern, well-appointed café fit-out and is leased to national tenant ‘Shingle Inn’ on a five year lease with a five year option. It features a GFA of 175sq m which comprises 98sq m of internal dining and 77sq m of alfresco.
Savills Sunshine Coast State Director, Scott Gardiner said the retail tenancy enjoys enviable positioning within metres of Bulcock Beach Esplanade, Bulcock Street and Pumicestone Passage, as well as high exposure to Otranto Avenue.
“The property, which is zoned as ‘Tourist Accommodation’, benefits from its positioning on the ground floor of the luxurious Monaco Resort which comprises 96 residential units divided into holiday letting, permanent rentals and owner-occupiers,” Mr Gardiner said.
Savills Sunshine Coast Sales and Leasing Executive, Will Carman said it was the property’s location, within walking distance of all of Caloundra’s major amenities and Bulcock Beach, and its desirable position below Monaco Resort, that were of the greatest appeal to the buyer.
“Substantial traffic and subsequent business is generated for 1, 12 Otranto Avenue due to its prime location and the popularity of Monaco Resort. The resort ran at approximately 90% occupancy in 2016,” Mr Carman said.
“Caloundra as a whole is very quickly becoming known as the growth corridor of the Sunshine Coast with major infrastructure projects such as the Sunshine Coast University Hospital, Oceanside Health Hub, and Aura master planned community all within close proximity.”
1, 12 Otranto Avenue in Caloundra has a net rental of $49,075.31pa, excluding outgoings and GST.
Shingle Inn was established in Brisbane in 1936 and today, has a franchise network of approximately 50 stores nationwide.