Site of iconic Sails Restaurant Noosa hits the market
The site of one of Australia’s most recognisable beachfront dining destinations, Sails Restaurant in Noosa, has been listed for sale making waves in Queensland’s commercial market.
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 offers one of only a few direct beachfront locations leased to a long standing restraunteur who has occupied this location for over 30 years – a true trophy investment that will never be repeated,” says Hedger.
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.
“We expect to attract interest from both domestic and international high-net-worth buyers given the calibre of this investment offering, its rich history and tenant retention,” says Coburn.
Expressions of Interest for the property close at 4pm (AEST) on November 13.
