Sunshine Coast office to tap into Big Top appeal
One of the most prominent commercial buildings in central Maroochydore is being offered for sale beside the recently revitalised, iconic Big Top Shopping Centre.
Located at 17 Duporth Ave, the fully-leased four-level commercial building boasts a high-profile corner location in the heart of Maroochydore’s traditional business precinct, surrounded by retail services and the thriving Ocean Street dining and entertainment precinct.
The listing comes as work begins on the nearby new Sunshine Coast CBD, entitled SunCentral, which will see 40ha, including the old Horton Park Golf Course, re-shaped over the next 20-years with the construction of canals, commercial buildings, retail outlets, a hotel and an exhibition centre.
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Adding to the area’s appeal, a recent report published by Herron Todd White says “the retail market on the Sunshine Coast starts 2016 in its best shape in a number of years”, with the “significant regeneration” of areas such as Duporth Ave and adjoining Ocean St noted as examples for other areas to follow.
The property is being marketed for sale by Jerry O’Reilly and Jason O’Meara of Savills Sunshine Coast via an expressions of interest campaign, which closes at 4pm on Thursday, March 3.
The building has a net income of about $787,000 per annum and Savills says it presents a rare opportunity to secure a blue-chip investment with significant income from a diversified tenant base.
The property has five tenancies, to Australia Post and BananaCoast Community Credit Union on the ground floor, RCQ Construction on level one, ServiceWorks and Sunshine Coast English College on level two and Sunshine Coast English College on level three.
The retail market on the Sunshine Coast starts 2016 in its best shape in a number of years
“It is an extremely rare, high quality and strategically positioned investment grade asset in the Maroochydore CBD, which is the strongest office precinct on the Sunshine Coast, with relatively low vacancy rates and sustained rental growth,” O’Reilly says.
O’Reilly says the precinct is about to experience significant growth underpinned by the recently refurbished $85 million Big Top Shopping Centre.
A new mixed-use project is also planned this year at 10 Duporth Ave.
The 17 Duporth Ave property, constructed in 2005, is set on an 845sqm site and has a total net lettable area of 2099sqm.
The building features full height tinted glazing to Duporth Ave, providing a modern and corporate appearance.
It provides a total of 89 car parks, with seven located at ground level at the rear of the building and 82 car in the Big Top Shopping Centre carpark.
Duporth Ave is within the central Maroochydore precinct, designated by the Queensland State Government as the Sunshine Coast’s principal activity centre and the main focus for business and development within the region.