Noosa's Sail Restaurant listed with $11 million hopes

The owners of Noosa’s renowned Sails Restaurant have listed their prime waterfront site, with expectations of $11 million.

Lyndon Simmons has listed the restaurant and wedding venue on Hastings Street through agent Tom Offermann, according to The Australian.

The two-storey restaurant tucked in a protected corner of Noosa’s Main Beach was developed on freehold land more than two decades ago.

The operation will continue with a 10-year lease in place and three possible five-year extensions.

“It’s not your usual commercial property and it’s not going to appeal to the hard-nosed commercial investor looking purely at immediate return on investment," Tom Offermann said.

“The person to whom it will appeal will be the investor who can see this location will always have a tenant because there will always be restaurateurs wanting one of the best restaurant sites in the country, and someone for whom a legacy property appeals.”

Trading conditions for businesses and tourism have been strong over the past three years in line with visitor numbers increasing.

Herron Todd White reported an upgrade to Hastings Street about four years ago improved foot traffic and there has been ­little retail vacancy since the amenity boosts.