An interstate investor purchased a Noosa Heads retail institution “Signature on Hastings”, for $5.6 million following an off-market campaign.
Situated at 18A Hastings Street, (pictured in title) the asset was one of only five single use freeholds left on the famous strip.
It comes as a 180 sqm NLA retail investment on a 97 sqm allotment.
The vendor had held the property for over 30 years.
The property produces an annual income of $306,000 p.a. net* + GST.
It was sold by Ray White Commercial Noosa and Sunshine Coast North directors Paul Forrest and Paul Butler.
Mr Forrest said, “Hastings Street is highly sought-after by wealthy investors and remains very tightly held, with freehold properties particularly desired.”
“The buyer already owns several assets on the strip, so they were one of a few parties we approached.”
“We’re delighted that following the success of our off-market campaign and long history of successful sales, we’ve been appointed as exclusive agents for the sale of ‘Peter Alexander’ at 28 Hastings Street (pictured below),” he added.
Mr Butler said Signature on Hastings was a Noosa institution and was a unique concept store that was well-known by locals and tourists alike.
“The shop opened its doors on Noosa’s now-famous Hastings Street shopping strip in 1990 and it’s genuinely adored by everyone,” he said.
“The creation of interior designer Gail Hinkley, it started as a small women’s clothing and gift store, and has now grown into a well-established name in the homeware industry.”
“Hastings Street is Queensland’s premier tourist destination and retail street. It vastly out-strips the Gold Coast, Port Douglas and Mooloolaba Esplanade,” Mr Butler concluded.