A tiny but well-known kiosk has changed hands for more than $1 million.
The standalone 8sqm structure along glitzy Hastings Street, near Noosa Main Beach, was purchased by a well-established coffee business that has outlets in three states.
No.8/18 Hastings Street was snapped up for $1.105 million through RWC Noosa and Sunshine Coast.
The sale was negotiated by John Petralia and David Brinkley, who said the property generated strong interest thanks to its location in one of Australia’s most visited retail precincts.
“It might be one of the smallest structures on Hastings Street but it’s certainly one of the most well known,” Mr Petralia said.
“Its visibility and character have made it a true landmark over the years.”
Originally used as a tour bookings booth, the kiosk has been home to various food-based businesses during recent years.
“It’s a high-traffic position with incredible footfall, and that will always appeal to quality operators,” Mr Brinkley said.
“This sale demonstrates that even the smallest properties can command premium prices when the fundamentals are right.”
The new owners are a yet-to-be-revealed well-known coffee business.
“We’re excited to see such an experienced and reputable brand take over this iconic kiosk,” Mr Brinkley said.
“They’re perfectly positioned to make the most of this site’s high exposure and strong customer flow.”
