Brisbane investor snaps up retail strata for $1.82m tenanted by Gloria Jean’s Coffees until 2023
A retail investment property tenanted by Gloria Jean’s Coffees on the popular Mooloolaba Esplanade was purchased by Brisbane based investor for $1,820,000 on a yield of 6.84 per cent.
The blue chip retail strata property is located at 106/101 Mooloolaba Esplanade on the ground level of Oceans Mooloolaba Resort. The property features a retail area of 72sqm and outdoor licenced area of 64sqm and generates a rental income of just over $124,000 per annum, with lease expiring in March 2023.
Nick Dowling and Daniel Vella from Colliers International negotiated the deal on behalf of a private investor. Mr Dowling said the property presented an unprecedented opportunity to secure a gem in one of the best retail strips in Australia.
“The income producing asset sold to a Brisbane based investor who bought the strata following offers to purchase campaign. The sale represents a tight yield of 6.8 per cent which reflects the limited supply of prime investment opportunities on the market at the moment.
“The buyer was delighted to secure this significant investment tenanted by Gloria Jean’s Coffees with eight years remaining on the lease. The strata forms part of 14 retail tenancies on the ground level of one of Mooloolaba Esplanade’s most popular luxury resorts,” said Mr Dowling.
Mr Vella said there is always strong interest from prospective buyers for properties such as this with a good tenant on a long lease. “We can’t see this demand changing in the near future.
“The campaign highlighted the demand for quality investments such as these with over 70 enquiries generated during the four week campaign.
“The outdoor dining element of this property held extra appeal to investors who recognised the location’s popularity for beachside dining,” Daniel Vella said.