Hastings Street, Noosa retail investment fetches $1.95 million

A retail property in the Hastings Street tourist strip at Noosa Heads on the Sunshine Coast with clothing retailer Noosa Beach Club as a long-term tenant has fetched $1.95 million at auction.

The 43 square metre site at 7/41 Hastings Street was sold to a local investor for a yield of 7.1%.

The deal was through Ray White Commercial Noosa & Sunshine Coast North’s David Brinkley and Paul Butler. 

The property is returning a net rental of $140,000 per annum and the tenant has a lease until November 2020 with a five-year option, said Brinkley.

Butler said Noosa Beach Club has traded in Hastings Street for the past eight years and recently signed a new five-year lease.

Noosa Beach Club Clothing was established in 1989 at Lorne in Victoria and offers casual wear for women. The operator has 14 stores stretching from coastal Victoria to Noosa.