A Brisbane based passive investor has purchased a former Church site in Maroochydore from long time local owners for $1.85 million. The initial yield achieved was approximately 6% on estimated net income.
The 1,551sq m site at 22-26 Beach Road, Maroochydore, offers approximately 470sq m of lettable area, and is positioned on the corner of Beach Road and Duporth Avenue, in the heart of Maroochydore directly opposite Mosaic’s new 6 star 86 apartment residential project ‘Avalon’.
The property is occupied by long term tenants Coast Life Midwifery who recently signed new 5 year leases over the church and former hall building, and a further lease was in place to popular Beach Road Coffee Co.
The deal was negotiated by Jason O’Meara of Savills Australia who said, “This is a strategic parcel of land with excellent exposure and sound holding income until further development options present in the mid to longer term.”
The immediate precinct has undergone recent ‘urban renewal’ with the newly completed ‘Rhythm on Beach’ development next door now also branded ‘Direct Hotels’ and Mosaic’s boutique development under construction on riverside plus the commercial building Eight Maroochydore Road with roof top bar completed in 2019.
Mr O’Meara said “There is a lot of activity and energy in Maroochydore at present with several cranes in the air which is a great sign.
“From a property development perspective with stars aligning on several infrastructure projects in the region, including the new Maroochydore CBD development SunCentral, we are now seeing the first few developments under construction and nearing completion together with 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.
Learn more about Savills Sales & Investment services.