Noosa’s Hastings St is booming and investors want a slice of the shopping paradise
One of Australia’s most expensive and exclusive strips of retail real estate is being hit by a new wave of investment – and with two million visitors spending $900 million last financial year, it’s not a surprise.
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NOOSA’S Hastings St — one of Australia’s most expensive and exclusive strips of retail real estate — is being hit by a new wave of investment.
In one of the most recent transactions, a 113sq m strata-titled slice of the beachfront shopping paradise has changed hands for $5.06 million.
The sale price translates to a yield of 5.25 per cent and a rate of $44,779/sq m.
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One of only two retail tenancies at 55 Hastings St, the property has been snapped up by a local private family in a deal negotiated by CBRE’s Brendan Robins and Ryan Parry.
It is believed to be the among the first of a looming run of deals along the Sunshine Coast holiday mecca’s high street.
Leased to activewear retailer Lorna Jane until 2022 with a further five-year option, the property at 55 Hastings St has a net rental income of $265,533 after land tax deductions.
The investment asset features a 9m frontage to Hastings St, benefiting from the location’s heavy foot traffic and strong tourism industry.
“The offers to purchase campaign attracted over 30 inquiries from qualified investors,” Mr Robins said. “They came from all over Australia as well as southeast Asia.”
He said the tourist hotspot was attracting renewed activity in retail investment on the back of a resurgence in the numbers of southeast Queensland day-trippers and visitors from interstate and overseas.
“Tourism numbers are breaking all records and Hastings St is booming,” Mr Robins said. “It’s trading its head off, particularly food and beverage.”
Tourism Noosa reported almost two million visitors to the area spending almost $900 million last financial year.
It is the second time Mr Robins has brokered a deal on the property at 55 Hastings St.
In 2007, he negotiated a sale of the same property, then tenanted by Hugo Boss, to a NSW-based investor for $4.65 million.
The latest transaction follows continued growth in Noosa’s residential property market, despite the downturn in Sydney and Melbourne, with several Sunshine Beach properties recently transacting for more than $15 million.
In another recent deal, a NSW investor paid $5.6 million for 18A Hastings St, home to the well-known concept store Signature on Hastings.
The two-level property, which has 180sq m of net lettable area on a 97sq m lot, was one of only five tightly-held single use freeholds left on the famous retail strip.
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