Interstate buyer drops $2.2m on popular spot

Industry experts say now is a prime time to sell as a property, which houses a popular bar, was snapped up by a Melbourne-based investor.

The property which is home to Taps Bar on Brisbane Rd, Mooloolaba has sold for $2.2 million to a Melbourne investor.

THE home of Taps Bar on Mooloolaba Esplanade has been snapped up in a freehold sale to a Melbourne-based buyer for $2.2 million.

Prominent Sunshine Coast businessman Steve Barber opened Taps in 2013, and it has since become renowned across the region for its creative concept which allowed punters to pour their own beers.

Mr Barber remains the owner of Taps, along with a number of popular haunts, including 313 Social which is nestled nearby Taps on Brisbane Rd, Mooloolaba.

The property is in a prime location in Mooloolaba’s retail and tourism precinct, and occupies the ground floor of the Peninsular Beachfront resort.

The space, which houses Taps, was marketed and sold by Ray White Commercial Noosa and Sunshine Coast North Property Consultants Matt Marenko and John Petralia.

The asset came with a 246m sq building area, seven-year lease in place from September last year with a seven-year option, and the sale reflected a 7.4 per cent yield.

Steve Barber has opened a number of popular Sunshine Coast haunts over the years, including Taps Bar in Mooloolaba.

Mr Marenko said the property would continue to be tenanted by Taps Bar, which stocked the usual “popular brew”, one of its own and some great food.

“It’s incredibly popular among locals and tourists,” Mr Marenko said.

“With international travel unlikely to be allowed for quite some time, the Sunshine Coast will be one of the hottest tourism destinations, and businesses like Taps Bar will thrive.”

Local real estate agents say now is a prime time to sell with plenty of inquiry from investors who had already decided to secure their share of the market before Covid-19 hit.

Mr Petralia said the property was in a prime location in Mooloolaba’s retail and tourism precinct and occupied the ground floor of the popular Peninsular Beachfront Resort.

“Now is a great time to sell commercial property as we’re still getting a lot of inquiry from investors who had already decided to get money out of the share market and the banks before the Covid-19 pandemic took effect,” he said.

“Interstate buyers are particularly attracted to the Sunshine Coast for its strong yields.”

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