Noosa Boathouse marina sells for $4 million
An iconic waterfront property in Noosaville has sold to a local investor for $4 million.
The Noosa Marina was sold following a six-month campaign after receiving “multiple offers”, according to the agent Tom Forde, of Forde Properties.
The property features the Boathouse floating restaurant – a three-level restaurant incorporating a 120-seat conference facility and a rooftop cocktail bar.
Mr Forde said that the marina was unique among Noosa properties because of its location, describing the asset as “irreplaceable”.
The property sits on a pier over the Noosa River and contains 14 tenancies – consisting of nine marina berths and five tenancies within the boathouse complex.
“It’s probably the best waterfront location in Noosa,” Mr Forde said. “It has incredible views.”
The property had originally been listed with a price guide of $4.5 million.
The mix of tenancies – ranging from charter companies to retail operators – was a draw card for the new owner, providing a low risk, diversified investment, Mr Forde said.
The tenancies are currently generating a combined net annual income of $278,336.83 resulting in a net passing yield of 6.96 per cent.
He said that the Noosa commercial market was going strong, driven in part by out-of-town buyers seeking stronger yielding properties than could be found in major southern markets, with the majority of the town’s commercial stock owned by ‘absent owners’.
“Queensland [in general] offers higher yields than lower states,” Mr Forde said.
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