A beachfront property that is home to one of the region’s most prestigious restaurants has sold to a private investor for $15.3 million.
The 460sqm property at 75 Hastings Street, Noosa Heads, forms part of the Netanya Noosa resort and is secured by a long-term lease to Sails Restaurant.
The transaction was managed on behalf of a private family by CBRE’s Michael Hedger, Mikaela O’Farrell and Louisa Blennerhassett.
“The marketing campaign was well received both nationally and internationally given the prime beachfront investment offering, with 186 direct inquiries received,” Mr Hedger said.
“Investment opportunities like this are rarely offered to market and is a reflection of the strong buyer demand we continue to see for single-tenanted investments underpinned by a long-standing tenant.”
The property enjoys an absolute waterfront position with uninterrupted 180-degree views of Noosa’s Main Beach, which was a key attraction for potential buyers.
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“This property is undoubtedly the most iconic of the famous Hastings Street precinct, and reflects the depth of demand for quality investments in the region,” Mrs Blennerhassett said.
“Noosa continues to be one of the most tightly held property markets in Australia, with quality opportunities attracting interest from far and wide.”
The sale to a high-net-worth investor represented a 4.66 per cent yield.
The lease to Sails includes options extending through to 2045 and annual CPI rental increases.
“Our team has transacted over $70 million in the Noosa area in the last 12 months, including Noosa Junction Plaza ($35.4 million/5.1 per cent yield) and Officeworks Lifestyle Centre ($20.5 million/5.5 per cent yield) as we continue to witness the fight for quality from a significant buyer pool in the retail investment market,” Mr Hedger said.
