Iconic Sails Restaurant Noosa hits the market for the first time
One of Australia’s most recognisable beachfront dining destinations, Sails Restaurant in Noosa, has been listed for sale for the first time in its history.
Set on world-famous Hastings Street, which attracts both domestic and international holidaymakers, the 460-square-metre property occupies a blue-chip, beachfront position with uninterrupted 180-degree views across Noosa’s renowned Main Beach.
Regarded as a go-to destination in Noosa’s dining scene since it opened in 1994, Sails Restaurant has been operated by the same celebrated restaurateur, Lyndon Simmons, for more than three decades.
The sales campaign is being led by CBRE’s Michael Hedger, Harrison Coburn and Louisa Blennerhassett, who expect interest from both domestic and offshore investors.
“This investment opportunity has never been formally offered to market before,” Hedger says.
“It is one of only a handful of direct beachfront assets leased to such a longstanding operator – a truly unique investment that will never be repeated.”
Noosa continues to outperform as a tourism and lifestyle hub, attracting more than 2 million visitors each year and generating more than $1.4 billion in annual tourism spending. The region’s sustained popularity as both a holiday destination and investor playground has underpinned demand for tightly held commercial assets.
The property is secured by a long-term net lease with annual CPI-linked increases and options running through to 2045, underpinned by a renowned tenant who drives business to the premises, with a net income of $714,000 per annum plus GST. However, it’s important to note that the property is for sale, not the business.
Coburn noted that the property’s combination of absolute beachfront positioning and prestige brand recognition would appeal strongly to high-net-worth individuals and hospitality operators.
“Given the calibre of this offering and its rich history, we anticipate strong competition from a wide range of investor groups looking for a once-in-a-lifetime opportunity,” he adds.
Expressions of Interest for the property close at 4pm (AEST) on November 13.
