Caloundra city centre building sells for nearly $10m to Sydney investors
Step aside Noosa and Mooloolaba, an “underrated” beach town is becoming an attractive location for commercial buyers. Find out why.
Business
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Interstate investors have swooped in on a near $10m commercial building in the heart of an “underrated” beach town on the Sunshine Coast after searching the country for a new investment.
Sydney investors have bought the fully-tenanted, three-level Caloundra City Centre building at 51 to 55 Bulcock Street for close to its asking price of $10m, which was previously held long-term by a Sunshine Coast family.
Sunshine Coast firm Henzells Agency negotiated the deal, one of the largest sales on the town’s main street, for the 1999 sqm site with 42 tenancies after receiving “waves” of interest from near and nationally.
Commercial manager Paul Bell said the interstate buyers scoured the nation for an investment but landed on the property in Caloundra because the town was becoming an attractive area.
“It’s more in the eyes of the interstate buyers,” he said.
While Noosa and Mooloolaba had held the spotlight for years, Mr Bell said the “underrated” coastal town was now turning heads of investors because of its good value, growth, and lifestyle.
“There is definitely a shift in focus to Caloundra and the southern Sunshine Coast among commercial buyers.”
Mr Bell said the buyers became increasingly confident about their investment after visiting the property and town numerous times.
“The area sells itself,” he said.
Before the Sydney investors snatched up the opportunity, Mr Bell said it received hundreds of engagements, and more than 7000 views and 77 inquiries on realestate.com.au within 96 days.
Some of the building’s tenants include Mr Benesse, Expressions Caloundra, and Sportsfirst Caloundra.
Mr Bell said confidence in the area was further evidenced by his agency’s recent handling of a sale of a medical building in Lake Kawana, selling close to its $1,950,000 asking price.
Adding to the millions being spent in Caloundra, a Brisbane developer announced this week that it was building a $27m, seven-storey apartment complex in Kings Beach.
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