Noosa Heads shop leased to Longboards fetches $4 million

A tenanted investment leased to surfing retailer Noosa Longboards on the Hastings Street tourist strip at Noosa Heads has sold for $4 million to a local investor.

The sale price of the 92 sqm retail outlet at 2/55 Hastings St, Noosa Heads, reflected a net rate of $43,478 per sqm and yield of 5.35 per cent.

The selling agents were Ray White Commercial’s Paul Butler and Paul Forrest. 

“The 5.35 per cent return shows a continued strengthening in Hastings St, as the last sale was 5.45 per cent for a superior freehold property,” said Butler.

“In this case we had a local buyer looking for solid performing properties. There is limited quality stock available as the high volume of sales throughout 2016 has significantly decreased stock.”

Forrest said Shop 2, 55 Hastings St enjoys a high profile with excellent pedestrian and vehicular traffic flow and was returning net rent of $225,000 per annum. Nearby shops include Hugo Boss, Blue Illusion, Aroma’s, Kookai, Lorna Jane and Gazman.