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Major Coast retail centre sells for $21 million

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CONTINUED economic growth in the Sunshine Coast has underpinned the sale of a prominent retail centre on Noosa’s iconic shopping strip for $21 million.

Located at 50 Hastings Street – Noosa Heads’ renowned tourist hub – the two storey retail asset comprises six tenancies, including the popular Laguna Jacks bar and restaurant, a 7 Eleven, Ben & Jerry’s Ice Creamery and Betty’s Burgers.

CBRE’s Rem Rafter and Brendan Robins negotiated the off market sale on behalf of the local vendor, who has owned the property since the 1970s.

The sale reflected a yield of 5.98% on the net income.

A Melbourne family purchased the asset – representing their third Sunshine Coast investment in the past 12 months.

Mr Rafter said the sale highlighted strengthening confidence in the Sunshine Coast economy and the positive impact on the region’s property market.

“This sale highlights the strong appeal of the Sunshine Coast from an investment perspective, with a rapidly growing population, increasing tourism numbers and a slate of major infrastructure and commercial developments helping position it as an attractive investment destination,” Mr Rafter said.
“This property’s position in the tourism mecca of Noosa Heads was a major focal point for prospective purchasers, with Hastings Street the heart of Noosa’ food and fashion retail scene, in addition to being surrounded by luxury beachside holiday accommodation.”

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Positioned on a 781sqm corner site, the retail centre is surrounded by a number of major retailers, including Hugo Boss, Witchery, Rodd & Gunn, Rip Curl, Billabong, Kookai and Lorna Jane.

The average rental along Hastings Street ranges from between $2000 per square metre and $4000 per square metre.

Mr Robins said the property represented an outstanding and rare opportunity to acquire a presence in one of Queensland’s most desirable retail markets.

“One of the last remaining freestanding retail properties in Hastings Street, this asset offered both investment security through a diversified income from six tenants, as well as a strong long-term outlook given its prime position in this highly regarded tourism and investment location,” Mr Robins said.

“This property marked the purchaser’s third Sunshine Coast investment in 12 months, which goes to highlight growing confidence in the region’s property market and subsequent strength of the local economy.”

 

Originally Published: https://www.sunshinecoastdaily.com.au/

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Abacus Offloads Novotel Twin Waters for $88.5 Million

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novotel twin waters
Abacus Property Group has sold the Novotel Twin Waters for $88.5 million to Melbourne-based asset trader Shakespeare Property Group.

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.

novotel twin waters

Shakespeare Property Group has snapped up Novotel Twin Waters Resort on Queensland’s Sunshine Coast.

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.

Source: theurbandeveloper.com

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High-profile leases snapped up

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High-profile leases snapped up

Bentleys Accountants and Coronis Real Estate each signed new five-year leases with options at 9 Nicklin Way, Minyama, where both deals were struck by CBRE’s Brendan Robins and Ryan Parry.

After a 38-year base in Caloundra, Bentleys have centralised their Sunshine Coast office to Minyama and Coronis has moved from Mooloolaba, into the 1200sq m A-grade building.

Mr Robins, who concluded the Bentleys deal, said the accountants have just executed a first-class office fit-out over 426sq m on level 1, and will be paying about $180,000 gross per year plus GST.

Coronis have moved into 290sq m made up of ground floor retail and first level office. They spared no expense on their new fit-out which includes a new espresso coffee offering with alfresco dining on the ground floor.

Mr Parry negotiated the new lease on behalf of the property owner and they will be paying about $130,000 gross per year plus GST.

“We’re pleased to have concluded two long-term leases over more than 700sq m of office space for our client, in quick succession. It is an outstanding result,” Mr Parry added.

There are only two remaining opportunities within the property with 89sq m on the ground floor and 185sq m of space on the first level.

Originally Published: www.sunshinecoastdaily.com.au

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Queensland Economic Outlook ‘Positive’: Deloitte

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Queensland Economic Outlook

Construction and development appeared healthy to Deloitte’s analysts, who attributed some of Queensland’s strong economic outlook to high levels of interstate migration and international tourism, which have encouraged a growing list of tourism-related construction projects.

Queensland’s international tourist arrivals are expected to remain solid over the forecast period, averaging growth of 4.7 percent out to 2021.

There were reasonable gains in engineering activity in Queensland, and Cross River Rail was in the planning stages.

The report also put a focus on livability and housing affordability. In the midst of the continuing debate over house prices and quality of living, Deloitte reported that Queensland has less cause for concern.

Queensland’s place in the national picture of housing affordability is a comparative advantage. In the midst of a housing price boom, living in Queensland remains more affordable than in the southern states.

While Sydney and Melbourne house prices have experienced year-on year growth in the double digits, Brisbane has experienced a modest 3.5 per cent growth.”

Despite this optimism, Queensland was revealed to be mirroring the national trend, showing a slight decline in outright home ownership and owners who have a mortgage.

Rental stress was recorded to be higher than the national average, with more Queenslanders renting than owning their own home compared to the rest of the country.

“But with a modest decline in rent in the June quarter CPI figures, increasing vacancy rates, and new supply from an easing residential construction boom the conditions could result in Brisbane becoming a renter’s market,” Deloitte said.

Job growth was accelerating in Queensland and while population growth had “bottomed”, it was now back in line with the national average — although it remained below the level experienced in the state five years ago.

In less positive news, CommSec’s latest State of the States report found Queensland’s economic performance had slipped to sixth place, hampered by weak business investment and retail spending.

CommSec chief economist Craig James said that despite a recent surge in residential construction, oversupply is still a concern. Queensland would benefit from increased revenue generated by the state’s gas industry as well as spending that resulted from a rise in employment.

Queensland Treasurer Curtis Pitt defended the state’s ranking saying that the CommSec report understated the state’s performance.

“Most people’s economic indicator is whether they have a job or not and both the DAE and CommSec reports highlight our strong performance in job creation,” Pitt said.

Of Queensland’s population of 4.7 million, more than half were recorded to be living outside of the state’s capital city. Queensland’s south-east corner, including Brisbane, Gold Coast, and Sunshine Coast, saw a growth rate in population twice that of the rest of the state.

Despite Queensland’s size, urbanization has taken hold — 66 percent of the population living within 0.6 percent of Queensland’s total area.

Originally Published: brisbaneinvestor.com.au

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