Sunshine Coast duo sells properties in Caloundra with tenants Petbarn and Chemist Warehouse for $14.1m

A Sunshine Coast duo has nailed down a stunning commercial property deal, offloading prime Forest Glen real estate for more than $14m home to several major anchor tenants.

Forest Glen-based investors recently sold 2-6 Sydal St, Caloundra. Picture: supplied.

A Sunshine Coast duo has sold a commercial property goldmine to an interstate buyer for more than $14m having snapped up one of the sites 17 years ago

Sales agents said the former New Zealand natives sold two fully-leased commercial sites at 2 and 6 Sydal St, Caloundra West, for about $14.1m to a private Melbourne investor, in the latest major commercial property sale for the area.

Petbarn and Chemist Warehouse were the largest of the six tenants across the three buildings, making up 78 per cent of the total rent which totals nearly $730,000 a year.

The sites, on a 6000sq m chunk of land off Caloundra Rd, included tenants UR Health & Fitness Centre, mechanic Gemini Caloundra, Caloundra Waterjet Cutting, and storage for a retailer on Bulcock St, Caloundra and was formerly home to a local church.

Savills state director Scott Gardiner and Colliers Sunshine Coast managing director Nick Dowling managed the sale which received 190 inquiries and up to nine offers.

The location of 2 and 6 Sydal St, Caloundra. Picture: supplied.

Mr Gardiner said the sellers were two private investors from Forest Glen who bought 2 Sydal St in 2005.

He said the duo knocked down the inner walls of the industrial building and housed a gym in 2007 before opening Chemist Warehouse.

“They definitely transformed that area,” he said.

Mr Dowling said the local residents, who had recently sold other properties in the area, had let go of this investment because it was a good time to sell.

“It’s been a really good investment for them,” he said.

Property records show 2 Sydal St was bought for more than $2.3m in 2005 and sold for $12.1m in July to a company called 2 and 6 Sydal Street Caloundra West Pty Ltd. This company also bought 6 Sydal St for $1,890,000 in July.

According to the Australian Securities and Investments Commission, 2 and 6 Sydal Street Pty Ltd was registered in Melbourne with its seven directors based in the city.

Property records showed four of Paul and Michelle Davis’ companies had owned 2 Sydal St, while another of their entities owned 6 Sydal St, prior to the recent sale.

Australian Securities and Investments Commission documents listed the pair as directors of the multiple selling companies involved in the deal.

An industrial shopping complex at 2 and 6 Sydal St, Caloundra, recently sold for more than $14m. Picture: supplied.

Mr Dowling said the buyer signed the deal because it was a unique and rare opportunity in a fast-growing industrial area and town.

“There’s no doubt (Caloundra) is a growth area,” he said.

Caloundra continues to be an area of rapid development, with three giant fast-food chains looking to land down in Caloundra South, and a Brisbane Developer building an upcoming $27m apartment complex in Kings Beach.