The southern Sunshine Coast has emerged as an Australian hotspot for commercial property investment highlighted by the recent sale of the Caloundra City Centre building in the heart of the CBD.
Commercial Manager Paul Bell is pleased to announce that the three-level commercial building has been sold to Sydney-based investors, as major infrastructure development and lifestyle advantages draw waves of enquiry to the region.
“At the close of the EOI period the property was on the market for approximately $10 million with the eventual selling price being close to that mark,’’ Paul said.
“The Sydney buyers had been searching nationally for a site and took a shine to Caloundra as a sought-after growth area. They saw scope to work with existing tenants and potentially put their own spin on the building with future improvements,’’ he said.
Located at 51-55 Bulcock Street, Caloundra City Centre is one of Caloundra’s iconic buildings with a site area of 1,999sqm, a total net lettable area of 2,428sqm and 42 tenancies.
“The buyers secured a fully tenanted investment with net rent of around $650,000 and significant development upside,’’ Paul said.
The sale was the latest in a string of major commercial results for Caloundra including the successful sale of the Centrepoint Marketplace retail centre at 50 Bulcock Street to a prominent local buyer for $7.3 million, and DA approval being granted for Henzell Property Group’s $110m Verre lifestyle precinct.
Destined to become a grand entrance statement at the gateway to Bulcock Street, Verre will feature 70 luxury one, two and three-bedroom apartments and penthouses ranging from 95sqm to 263sqm rising nine levels above a boutique laneway precinct with signature restaurant.
“On the back of a number of high-profile developments we have seen a growing confidence in Caloundra with enquiry flooding in from hedge funds and large investment groups.
“We are seeing greater diversity in leases, with high end retail and signature restaurants being added to the mix,’’ Paul said.