Sydney investor snaps up popular Coast retail space
AN interstate investor has purchased the freehold of the longstanding Tewantin Market Garden on the Sunshine Coast for just over $1 million.
The building, which forms part of the ‘Tewantin Place’ strata complex at Poinciana Ave went for $1,025,000.
The property was leased, marketed, and sold by Ray White Commercial Noosa and Sunshine Coast North Property Consultants David Brinkley and Tracey Ryan.
“Tewantin Market Garden relocated from a below street level position within Tewantin Plaza further up the street which they’d occupied for the better part of two decades,” Mr Brinkley said.
“The tenants had made the decision to relocate to this site on the Poinciana St front which gave them not only a street presence, but an opportunity to custom design a modern layout in larger premises, which enhanced their business and benefited their customers.
“The business has adapted to the changed COVID-19 environment, with their business proving it has what it takes to survive the tough times with a loyal customer base, which is welcome news to the new vendor,” he said.
“Our Sydney investor had very tight buying parameters for his investment purchase and the seller had based their sale price on an independent valuation.
“This created some spirited negotiations from 2019 when the property was first for sale as an off-market proposition until final agreement was reached five months later.”
According to the agent, the Noosa town is developing a new culture as more young families enter the property market in the area.
“Tewantin is a busy retail centre which is undergoing a revitalisation as the demographic in the area moves away from retirees to young families investing in the large blocks at prices slightly below neighbouring Noosa,” Mr Brinkley said.