One of the region’s most recognisable entertainment destinations has been listed for sale, with strong interest expected from investors.
The Noosa Cinema Complex is expected to draw national buyer attention, as one of the largest commercial property offerings to hit the local market in recent years.
Located at 29 Sunshine Beach Road in Noosa Heads, the site is being offered for sale by Colliers agents Nick Dowling, Reff Sykes and Jesse Howitt, in one line for the first time, providing buyers with a rare opportunity to secure a substantial freehold-style investment in the heart of the Noosa Junction retail, dining and commercial precinct.
The offering comprises 12 strata-titled lots across a 2475sqm landholding with a combined 3086sqm net lettable area.
Anchored by the region’s only cinema complex within a 40km radius, the property occupies one of the street’s most prominent sites.
The asset generates an estimated fully leased net income of about $1.685 million per annum and is supported by a 4.2-year weighted average lease expiry (WALE).
The income profile is underpinned by a long-term lease to Birch Carroll & Coyle Limited, part of ASX-listed Event Hospitality & Entertainment, providing investors with secure cash flow from a nationally recognised entertainment operator.
Operating since 1985, the cinema complex is an integral part of the local community and a longstanding entertainment destination for residents and the region’s millions of annual visitors.
In addition to its strong income profile, the property offers long-term repositioning or redevelopment opportunities.
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The site features an expansive 60m frontage to Sunshine Beach Road and an under-utilised forecourt area.
The property is close to public transport infrastructure and a public car park providing more than 240 spaces. It is also located less than five minutes from Hastings Street and Noosa Main Beach.
The tenancy profile comprises a mix of national and established local operators spanning retail, hospitality, health and professional services.
Colliers Sunshine Coast Managing Director Nick Dowling said the opportunity was unmatched in the Sunshine Coast market.
“Opportunities of this scale, profile and strategic positioning rarely become available in Noosa Heads,” he said.
“This asset combines secure income from a nationally recognised entertainment operator with genuine value-add and redevelopment potential, creating one of the most compelling investment opportunities currently available on the Sunshine Coast.
“Noosa remains one of Australia’s most tightly held commercial markets, with exceptionally limited opportunities to acquire assets of this size in such a prime location.
“We expect strong interest from private investors, syndicates and institutional groups seeking long-term exposure to one of the country’s most sought-after lifestyle and tourism destinations.”
No. 29 Sunshine Beach Road, Noosa Heads is being offered for sale via Offers to Purchase, until Thursday, August 6 at 4pm.
