Savills has been appointed to sell a prominent highly exposed former church property strategically positioned on the corner of Beach Road and Duporth Avenue in Maroochydore.
Located at 22-26 Beach Road, the site is fully leased with several long term tenants and enjoys a healthy holding income with development upside for a passive investor or developer.
There is certainly an upbeat confidence in and around Maroochydore at present with several cranes in the air, projects nearing completion and also now under construction.
The immediate precinct has undergone recent ‘urban renewal’ with the newly completed ‘Rythym on Beach’ development next door built by RGD Constructions and Mosaic’s new boutique unit development “Avalon” under construction directly across the road on riverside plus the commercial building Eight Maroochydore Road with roof top bar completed in 2019.
According to Jason O’Meara, Director, Sunshine Coast at Savills Australia, “There is a lot of activity and energy in Maroochydore at present from a property development perspective with stars aligning on several infrastructure projects in the region including the new Maroochydore CBD development SunCentral now seeing the first few developments under construction plus the Sunshine Coast Airport expansion and connectivity to the international broadband submarine cable into Maroochydore.
“As a result of the State Government having designated Maroochydore as the Sunshine Coast’s Principal Activity Centre, Maroochydore will be the main focus of development for the next 10-15 years as significant projects unfold in the area,” he said.
Promoting 2 street exposures on a 1,551sq m site, the property has a net lettable area of 467sq m* and is improved with two buildings on site including from years gone by the previous Methodist Church (heritage listed) building positioned at the apex of the site fronting Duporth Avenue and Beach Road intersection, and the old hall building at the rear. There are currently 4 commercial tenants contributing to the rental income including main tenants Allure Medi Spa and Beauty (incorporating Beach Road Coffee) and Coast Life Midwifery.
The site has the privilege of 21 car on-site parks and boasts approximately 40 metres frontage to Duporth Avenue and 62 metres frontage to Beach Road.
Mr O’Meara, who is selling the property said there is a strong holding net income of circa $104,500 per annum with a current Development Approval (DA) shared with the neighbouring property for 42 Residential Units plus ground level commercial.
“The opportunity represents an exciting passive investment in the first instance and mid-term development play whilst enjoying excellent holding income during the interim from the site,” he said.
The property is approximately 250 metres to popular Ocean Street dining and entertainment precinct, 400 metres to Sunshine Plaza Shopping Centre and all business and retail services and 500 metres to the newly developing Maroochydore CBD SunCentral. The site is a strategic parcel of land located approximately 15km to the Sunshine Coast Airport.
Offers to Purchase close 4pm Thursday 26 March 2020 through Savills Australia.
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