Dining boom sees Sunshine Coast retail revival
Multimillion-dollar sales and an improving food and beverage sector are underpinning a retail rebound on the Sunshine Coast.
Five years ago, Coast retail was woeful, according to local agents, but has been slowly returning to form.
Part of that rebound was the recent $21 million sale of one of the last remaining freestanding retail properties in Noosa’s famous Hastings Street, which was negotiated by CBRE’s Rem Rafter and Brendan Robins.
The property, located on a 781 square metre site at 50 Hastings Street, was a two-storey retail asset that comprised six tenancies, including Laguna Jacks bar and restaurant, a 7-Eleven, a Ben & Jerry’s Ice Creamery and Betty’s Burgers.
The local vendor had owned the property since the 1970s with a Melbourne family purchasing the asset – their third on the Sunshine Coast in 12 months.
50 Hastings Street is home to Betty’s Burgers.
Mr Rafter said the sale highlighted strengthening confidence in the Sunshine Coast economy and the positive impact on the region’s property market.
“This sale highlights the strong appeal of the Sunshine Coast from an investment perspective, with a rapidly growing population, increasing tourism numbers and a slate of major infrastructure and commercial developments helping position it as an attractive investment destination,” Mr Rafter said.
“This property’s position in the tourism mecca of Noosa Heads was a major focal point for prospective purchasers, with Hastings Street the heart of Noosa’s food and fashion retail scene, in addition to being surrounded by luxury beachside holiday accommodation.”
Mr Robins said the property represented an opportunity to acquire a presence in one of Queensland’s most desirable retail markets.
The average rental along Hastings Street ranges from between $2,000 per square metre to $4,000 per square metre, according to CBRE.
Ray White Commercial North Coast Central Senior Sales & Leasing Agent Michael Shadforth said there were improving retail conditions on the Sunshine Coast generally, particularly in the food and beverage sector.
He said the retail sales and leasing sectors had improved since the bottom of the market about five years ago, but some segments were still struggling.
“The retail offer that’s struggling worldwide is still struggling on the coast, but we are seeing some really good improvement in the food and beverage sector as well as personal services such a hair and beauty,” he said.
“We’re seeing main road frontage buildings, the vacancy around those is decreasing rapidly, but it’s not necessarily being filled with traditional retail. It’s more of an office, commercial purpose, medical or allied health services.”
