A retail centre in the heart of Mooloolaba has sold for $4.35 million in an off-market deal.
Located at 128 Brisbane Road, the 862sqm building comprises four tenancies including a bike shop, skate store, op shop, and signage store.
The property was sold by Ray White Commercial Northern Corridor Group associate director Emily Pendleton, on behalf of a local family who had owned the property for 15 years.
The property was sold to a local who lives in Mooloolaba.
“The property is a prominent freehold corner investment located in a highly sought-after area on Mooloolaba’s main road, just off the Sunshine Motorway,” Ms Pendleton said.
“The property’s strategic location and desirable features made it an ideal investment opportunity, with huge development potential for the future.
“The property also produces good holding income with long-term tenants in place.”
Ms Pendleton said the buyer was attracted to the future development upside and strong holding income, with long-term tenants and uplift in rents available in the future.
“Lack of vacant land, and high construction costs for new buildings have led to increased focus on existing buildings with upside across the Sunshine Coast,” she said.
“Developers and more hands-on investors are attracted to the immediate cash flow that lets them weather any approval delays or short term spikes in construction costs.”