Former Church site sells in Maroochydore for $1.85 million

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.

Located at 22-26 Beach Road, the 1,551sqm site offers approximately 470sqm of lettable area.

It is positioned on the corner of Beach Road and Duporth Avenue, directly opposite Mosaic’s new six-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, a further lease was in place to popular Beach Road Coffee Co. 

The deal was negotiated by Jason O’Meara of Savills Australia.

“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,” O’Meara said. 

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. 

"There is a lot of activity and energy in Maroochydore at present with several cranes in the air which is a great sign", O'Meara said.

“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.