Universal Store co-founder buys popular Noosa pub for $13.9m
A Brisbane property and retail entrepreneur has snapped up one of the Sunshine Coast’s favourite pubs with arguably Noosa’s best views.
Sources at the auction said Greg Josephson paid $13.9 million under the hammer for the two-storey Noosa Reef Hotel, which sits on an expansive 5069sqm site.
Mr Josephson with his brother Michael founded Universal Store in 1999 with a their first store in Carindale in Brisbane’s east.
They built up an Australian-wide network of 53 stores before selling out to a consortium of private equity investors in 2018 for $100 million.
Before his retail career Mr Josephson was an executive with Westfield and Lendlease.
JLL joint head of retail investments – Australia Sam Hatcher and Jacob Swan marketed the property on Noosa Hill, which provides views out over Noosa Main Beach and the North Shore. They refused to comment on the buyer.
The property was owned by ASX-listed ALE Property Group and has a long term, net lease to Endeavour Group — a subsidiary of Woolworths Group — with initial expiry in 2029 plus four 10-year options. The sale realised a yield of 4.98%.
The auction produced 10 registered bidders and the campaign generated more than 200 enquiries including one from overseas.
Mr Hatcher said Noosa’s local economy was one of the strongest in the country over the last 12 months, with record domestic tourism from both locally within Queensland and also the southern states.
“The Noosa housing market has continually seen record results over this period, with cashed up southern buyers looking to secure their own slice of Noosa,” he said.
This article was originally published in www.theaustralian.com.au/property