Noosaville retail property sells under the hammer for a yield of 6.5%

A tenanted Noosaville retail premises has sold at auction through Ray White Commercial for $1,090,000.

The property at 14/18 Thomas Street sold for a yield of 6.5 percent. 

It is leased to Options Eyecare with the contract in place until 2025. The property returns a net rental of $71,547 per annum.

Ray White Commercial's Paul Butler, who oversaw the deal, said the marketing campaign for the 106 sqm tenancy in the Noosa Homemakers’ Centre attracted almost 1,500 internet hits and there were five registered bidders at the onsite auction. 

“Bidding started at $900,000 and there were 10 separate bids before the property was sold under the hammer,” he said.

“Options Eyecare is highly regarded in Noosa. Several bidders were clients and understood how good the operation is so they were interested in buying the investment opportunity.” 

The retail centre has three street frontages to main Noosaville roads and tenants including Rip Curl, McDonalds and Rivers.

Ray White sold the property on behalf of a local owner.