The four-star, 361-guest room resort is located on Queensland’s Sunshine Coast.
The property has been on the market for the past two years as a result of a number of failed and withdrawn bids.
Last year, the Chinese HNA Group pulled out of a deal to buy the resort.
HNA, who have been focused on tourism-related assets, also has plans to acquire the Sunshine Coast Airport but missed out to Palisade Investment Partners.
New owner Shakespeare is a value-add investor that repositions, leases and sells commercial towers.
It has a strong record along the east coast of Australia.
The hotel is the Abacus’s last remaining asset after unit holders voted for a sell-down of assets three years ago.
In addition, Abacus has sold an adjacent, separate parcel of land for $11 million, due for settlement in October 2019.
The site, between the Maroochy River and the beach, has been touted as having the capacity for two more resorts.
Abacus has had a strong focus on reworks its portfolio with a sharpened strategy this year.
The group recently sold the Bacchus Marsh shopping centre in regional Victoria to property investor Colin De Lutis for $61.65 million.
Abacus also purchased a $93.5 million inner-city office building in Melbourne and another $48.85 million commercial building in Sydney’s Alexandria.
The group also entered into a venture partnership with global real estate management firm Heitman, acquiring an office tower in Brisbane’s Fortitude Valley for about $170 million.
Noosa Boathouse marina sells for $4 million
An iconic waterfront property in Noosaville has sold to a local investor for $4 million.
The Noosa Marina was sold following a six-month campaign after receiving “multiple offers”, according to the agent Tom Forde, of Forde Properties.
The marina was sold with 14 tenants in place.
The property features the Boathouse floating restaurant – a three-level restaurant incorporating a 120-seat conference facility and a rooftop cocktail bar.
Mr Forde said that the marina was unique among Noosa properties because of its location, describing the asset as “irreplaceable”.
The property sits on a pier over the Noosa River and contains 14 tenancies – consisting of nine marina berths and five tenancies within the boathouse complex.
“It’s probably the best waterfront location in Noosa,” Mr Forde said. “It has incredible views.”
The marina looks over the Noosa River
The property had originally been listed with a price guide of $4.5 million.
The mix of tenancies – ranging from charter companies to retail operators – was a draw card for the new owner, providing a low risk, diversified investment, Mr Forde said.
The tenancies are currently generating a combined net annual income of $278,336.83 resulting in a net passing yield of 6.96 per cent.
He said that the Noosa commercial market was going strong, driven in part by out-of-town buyers seeking stronger yielding properties than could be found in major southern markets, with the majority of the town’s commercial stock owned by ‘absent owners’.
“Queensland [in general] offers higher yields than lower states,” Mr Forde said.
Stockland sells beachfront site on the Sunshine Coast for $8.3m
Queensland builder and developer RGD Group has purchased a beachfront development site on the Sunshine Coast in Queensland from Stockland for $8.3 million.
RGD plans to build a $70 million mixed-use apartment project on the 3977-square-metre site at Lot 905 Bokarina Boulevard, Bokarina Beach. The sale closed with an approval for 63 apartments and about 500sq m of retail space.
The sale is part of Stockland’s long-term strategy to invite external investment into its Oceanside masterplanned community in the area, which includes residential, retail and retirement projects.
Colliers International’s Baydn Dodds brokered the deal.
Brisbane office sale
Brisbane investor Renweed Pty Ltd has bought a 12-storey office building at 26 Wharf Street in the Brisbane CBD for $9.8 million.
It plans to refurbish and re-lease the property as a premium boutique B-grade tower.
Malaysian owner HCK has owned it since 2012 and sold the property to invest outside Australia. It will also be selling its other Brisbane CBD tower, 116 Adelaide Street shortly.
Transaction Property Services’ Marc Stuart represented Renweed while Colliers International’s Sam Biggins and Tony Wang brokered the sale.
Three’s a charm
A private buyer has bought three adjoining warehouses in Melbourne’s west for $2.8 million on a yield of 6.81 per cent.
The individually titled lots at 90, 94 and 98 Proximity Drive, Sunshine West in Melbourne have a total building area of 1907sq m.
They have secure gate access and yards, three-phase power and staff amenities.
CBRE’s Ricardo Cappelletti, Fergus Pragnell, Tom Murphy and Tim Homes negotiated the deal.
Medical centre changes hands
Charter Hall has sold a vacant medical centre in eastern Melbourne for $1.46 million to an owner-occupier.
Sitting on 1418sq m, 529 Mitcham Road, Vermont had an existing fitout for five consultation rooms, ready for immediate occupation as well as a permit for three medical practitioners.
CBRE’s Sandro Peluso, Josh Twelftree and Jimmy Tat finalised the deal.
Candle burns brightly
A local investor has paid $3.9 million for two office buildings at 60 Edmondstone Road, Bowen Hills, just north of the Brisbane CBD.
The 990sq m blocks are a mix of office, boardroom, gym and outdoor terrace spaces. They sit on a 2068sq m site with 35 car park spaces.
The site has a history of candle and soap manufacturing, dating back to the 19th century.
JLL’s Andrew Havig negotiated the deal.
One sip and you’re hooked
Developer Evans Long has sold eight of 20 strata lots at the neighbourhood commercial centre at 8 Fairfax Street, Sippy Downs in Queensland for more than $10 million.
Evans Long made a decision to strata title Central Sippy Downs. made up of three distinct buildings sitting on 7843sq m to target smaller commercial owner-occupiers and investors.
Individual sales of $540,000 to $3.6 million were struck at yields between 6.1 and 6.8 per cent. Evans Long is planning to develop another similar two-storey building on site.
The deal was marketed by Colliers International’s Nick Dowling and Daniel Vella.
Inner city warehouse
Private company Seatech Industrial Pty Ltd has bought a two-storey 450sq m warehouse building in Chippendale in inner city Sydney for $4.8 million at a yield of 3.75 per cent.
The 259sq m site at 18 City Road offers development upside and is suitable for a mixed-use and student accommodation development.
Savills Australia’s Tom Tuxworth, David Hickey and Nick Lower closed the deal.
One of only five Hastings Street retail freehold’s sold for $5.6 million
An interstate investor purchased a Noosa Heads retail institution “Signature on Hastings”, for $5.6 million following an off-market campaign.
Situated at 18A Hastings Street, (pictured in title) the asset was one of only five single use freeholds left on the famous strip.
It comes as a 180 sqm NLA retail investment on a 97 sqm allotment.
The vendor had held the property for over 30 years.
The property produces an annual income of $306,000 p.a. net* + GST.
It was sold by Ray White Commercial Noosa and Sunshine Coast North directors Paul Forrest and Paul Butler.
Mr Forrest said, “Hastings Street is highly sought-after by wealthy investors and remains very tightly held, with freehold properties particularly desired.”
“The buyer already owns several assets on the strip, so they were one of a few parties we approached.”
“We’re delighted that following the success of our off-market campaign and long history of successful sales, we’ve been appointed as exclusive agents for the sale of ‘Peter Alexander’ at 28 Hastings Street (pictured below),” he added.
Mr Butler said Signature on Hastings was a Noosa institution and was a unique concept store that was well-known by locals and tourists alike.
“The shop opened its doors on Noosa’s now-famous Hastings Street shopping strip in 1990 and it’s genuinely adored by everyone,” he said.
“The creation of interior designer Gail Hinkley, it started as a small women’s clothing and gift store, and has now grown into a well-established name in the homeware industry.”
“Hastings Street is Queensland’s premier tourist destination and retail street. It vastly out-strips the Gold Coast, Port Douglas and Mooloolaba Esplanade,” Mr Butler concluded.
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