Byron Bay family exits retail landmark after 90 years
One of Byron Bay’s best-known retail destinations, the Timperley’s Corner building, has been sold by one of the area’s founding families after close to 90 years of ownership.
It is understood the building, home to a popular Surf Dive ‘n Ski store, sold for more than $14 million, on a relatively sharp yield just above 4 per cent.
The transaction is the latest example of the surge in interest which has lifted prices dramatically in Byron Bay’s commercial and residential markets as sea changers, private investors and big business names, including Andrew Forrest, Justin Hemmes and Arthur Laundy, buy in.
On the corner of Jonson and Lawson streets, the building had been owned by the Timperley family since 1935 and was run in the early days as a motor mechanics workshop.
As Byron Bay took off as a surf and lifestyle destination, brothers Gary and Mark Timperley opened what became a thriving retail surf shop, Bay Action, in the mid-1980s.
That business, which expanded into several stores, was subsequently acquired by Billabong – now known as Boardriders Group – in 2010.
“A number of high-profile parties were competing to secure the building, which is a true icon within Byron Bay,” said CBRE’s Mark Witheriff, who brokered the property with colleagues Joe Tynan and James Douglas.
The two-storey building has a net lettable area of 559 square metres and stands on a 424sq m corner site, on one of the town’s busiest intersections.
Byron Bay’s star has shone even more brightly during the pandemic disruption of the past two years, as city dwellers relocated north to the coast. Three-bedroom houses in Byron Bay have racked up 70 per cent price growth in just 12 months.
Sydney pub baron Justin Hemmes joined the rush last year, buying the vacant Cheeky Monkey’s backpackers bar and adjoining massage spa in the centre of town for about $13 million.
Also in the neighbourhood, Andrew Forrest’s family investment firm, Tattarang, snapped up a luxury wellness retreat outside Byron Bay from Olivia Newton-John and her co-owners.
Financial Review Rich Lister Arthur Laundy has been part of the action too, extending his family’s interests into the area by buying the Lennox Hotel near Byron Bay for more than $40 million.
Mr Tynan said the residential surge across the NSW Northern Rivers region, underpinned by city families seeking better lifestyles, had flowed through into the commercial market.
“This is being reflected in retail trends, with increases in retail rents and a tightening of capitalisation rates, specifically for boutique locations such as Byron Bay,” he said.
