Caloundra beachside retail snapped up by Brisbane private investor

A tenanted beachside retail property in Sunshine Coast’s Caloundra has sold for $675,000 to a Brisbane private through Savills.

The 1, 12 Otranto Avenue property, which is on the ground floor of Monaco Resort, sold at a net yield of 7.2%.

The selling agents were Will Carman and Scott Gardiner of Savills.

The retail strata lot, built in 2010, features a modern, well-appointed café fit-out and is leased to ‘Shingle Inn’ on a five-year lease with a five-year option. 

It has a GFA of 175 sqm which comprises 98 sqm of internal dining and 77 sqm of alfresco.

Carman said the property’s location, close to Caloundra’s major amenities and Bulcock Beach, were the main selling points.

“The property, which is zoned as ‘Tourist Accommodation’, benefits from its positioning on the ground floor of the luxurious Monaco Resort which comprises 96 residential units divided into holiday letting, permanent rentals and owner-occupiers,” added Gardiner.  

The resort is popular and had about 90% occupancy in 2016, Carman said.

The property generates a net rental of $49,075.31pa, excluding outgoings and GST.

Shingle Inn was established in Brisbane in 1936 and today, has a franchise network of approximately 50 stores nationwide.