Landmark Noosa Beachfront Restaurant Sells for $15m

A beachfront commercial asset on one of Queensland’s most tightly held retail strips has changed hands after a private high-net-worth investor paid $15.3 million for a landmark property at Noosa.

The 460sq m property at 75 Hastings Street is within the Netanya Noosa beachfront resort and is leased to the long-established Sails Restaurant, a prominent dining venue overlooking Noosa Main Beach.

The asset is secured by a long-term net lease with options extending through to 2045 and annual CPI rent increases.

Sails Restaurant has operated from the location for more than three decades and is regarded as one of Noosa’s best-known waterfront dining venues, about 150km north of the Brisbane CBD.

The property occupies a beachfront position along Hastings Street with uninterrupted 180-degree views across Laguna Bay and direct frontage to Noosa’s Main Beach, one of the region’s key tourism drawcards.

Netanya Noosa is a 4.5-star beachfront resort with direct access to the beach, and the dining and boutique retail strip is considered as a defining property for the Hastings Street precinct.

CBRE agents Michael Hedger, Mikaela O’Farrell and Louisa Blennerhassett managed the sale on behalf of a private family vendor.

“The marketing campaign was well received both nationally and internationally given the prime beachfront investment offering with 186 direct enquiries received,” Hedger said.

“Investment opportunities like this are rarely offered to market and is a reflection of the strong buyer demand we continue to see for single tenanted investments underpinned by a long-standing tenant.”

Blennerhassett said Noosa remained one of the most tightly held property markets in the country, with limited turnover and strong demand for premium assets.

“This property is undoubtedly one of the most iconic within the famous Hastings Street precinct and reflects the depth of demand for quality investments in the region,” she said.

The sale follows a series of recent transactions across the Noosa market totalling more than $70 million during the past 12 months.

“There has been strong transaction activity with our team transacting over $70 million in the Noosa area in the past 12 months, including Noosa Junction Plaza sold for $35.4 million, and Officeworks Lifestyle Centre,” Heger said.

“We continue to see the flight for quality from a significant buyer pool in the retail investment market, which sold for $20.5 million.”

The deal highlights continued investor appetite for high-quality retail and hospitality assets in tourism-driven locations, particularly those underpinned by long-term tenants and irreplaceable beachfront positions, the agents said.