Half a garage space sells for record sum, beating mansions
This 8sq m Hastings Street kiosk in Noosa fetched $1.105m. Picture: Ray White Noosa & Sunshine Coast
A tiny space half the size of a garage has shattered millionaire expectations, fetching an eye-popping $138,125 for each square metre.
The price per square metre was more than double that of Queensland’s most expensive house sale 17 Webb Road, Sunshine Beach, which was $54,487sq m for the $34m house – while Australia’s most expensive mansion the $150m Coonac in Toorak, Melbourne was $155,118sq m for the mansion.
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The kiosk has been bought by a well-established coffee business at $138,125sq m. Picture: Ray White Noosa & Sunshine Coast
Webb House is still Queensland’s most expensive house sale at $34m or $54,487sq m. Picture Damien Davidson Builders
The $150m Coonac mansion in Toorak, Melbourne was $155,118sq m based on the building. Picture: Andrew Henshaw
The 8sq m property at 8/18 Hastings Street, Noosa Heads, created a frenzy among buyers looking for a piece of one of Australia’s hottest holiday strips with RWC Noosa & Sunshine Coast agents John Petralia and David Brinkley selling the stand-alone kiosk for $1.105m.
Built in 2005, the kiosk was originally used as a tour bookings booth, evolving through the years with various food-based businesses in recent years, the agents said.
Mr Petralia said “it might be one of the smallest structures on Hastings Street, but it’s certainly one of the most well known”.
“Its visibility and character have made it a true landmark over the years.”
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The property is located in one of the hottest holiday strips in the country. Picture: Ray White Noosa & Sunshine Coast
It last sold 20 years ago as part of a $600,000 deal. Picture: Ray White Noosa & Sunshine Coast.
The property was for sale for the first time in 20 years, having last sold for $600,000 in 2005, with annual rental asking price ranging from $68,000 plus GST in 2018 to $70,820 in 2021. It is currently fitted out for food production and sales.
Mr Brinkley said the new owner was a well-established coffee business which already has over a dozen sites in three states.
“We’re excited to see such an experienced and reputable brand take over this iconic kiosk.”
“They’re perfectly positioned to make the most of this site’s high exposure and strong customer flow.”
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Hastings Street sees strong foot traffic and the kiosk is well placed to take advantage of that. Picture: Ray White Noosa & Sunshine Coast
Mr Brinkley said “it’s a high-traffic position with incredible footfall, and that will always appeal to quality operators”.
“This sale demonstrates that even the smallest properties can command premium prices when the fundamentals are right.”
The rare stand-alone structure was a big plus for the sale, they found, as was its location and visibility, all of which generated strong interest.
