Tenanted Maroochydore Investment Sold for $2.1 Million
The tenanted entire ground floor of a premium mixed use development in the hub of the Maroochydore CBD on the Sunshine Coast has been sold by Ray White Commercial Caloundra for $2.1 million.
Lot 100 of ‘Palmyra on Primary’ at 43-45 Primary School Court, Maroochydore, was sold to a Gold Coast investor by Alan Gray and Len Greedy of Ray White Commercial Caloundra for a yield of 7.5 per cent.
Len Greedy said the approximately 407 sqm ground floor area comprises two tenancies which are both fully leased to Lifeline.
“The buyer was looking to expand his substantial property portfolio and he identified Maroochydore as a highly desirable location to invest in,” Len Greedy said.
“Lifeline has a 5 + 5 year lease on the entire 407 sqm ground floor at Palmyra on Primary which comprises two tenancies along with 13 exclusive basement car parks. The length of lease and quality of tenant cemented the deal.
“The buyer was also impressed with the opening of the new Bunnings super store, a string of new motor dealerships, the golf course redevelopment and the expansion of Sunshine Plaza.”
Alan Gray said Palmyra on Primary is a near new three level building with quality finishes throughout.
“The building comprises seven commercial tenancies with two residential units on the top level and basement car parking,” he said.
“There is lift access to 13 exclusive use basement car parks as well as six visitor car spaces.
“Palmyra on Primary backs onto Maroochydore Rd and is in close proximity to the Sunshine Coast’s largest shopping centre, Sunshine Plaza.”