A landmark coastal precinct on Queensland’s Sunshine Coast is for sale.
The Wharf Mooloolaba, which spans 6964sq m of freehold land and offers 7507sq m of net lettable area (NLA), is being sold by long-term owners Evans Long.
CBRE’s Michael Hedger, Wayne Bunz, and Joe Tynan have been appointed to manage the sale of the flagship freehold asset that was originally developed in 1988 and acquired by Evans Long in 2016.
The Sunshine Coast developer undertook a transformative, multimillion-dollar refurbishment of the asset that unlocked a portion of the precinct from leasehold to freehold ownership, as well as revitalising the precinct into a “vibrant, high-performing tourism and lifestyle hub”.
“Today, The Wharf attracts more than 2.2 million annual visitors with a strong mix of best-in-class restaurants, bars, retail outlets and marine-based activities,” the agents said.
Evans Long director Dirk Long said The Wharf had been a passion project for nearly 10 years.
The sale also includes a 50-year wet lease until 2074 over 2.083ha on the Mooloolah River, incorporating a 57-berth marina.
“The precinct benefits from a resilient and diversified income stream spanning food and beverage, hospitality and retail, underpinned by an impressive 7.9-year WALE by income (12.8 years by area) with guaranteed income growth via desirable net leases,” the agents said.
“The offering includes prominent, underutilised waterfront space—an ideal platform for an innovative investor to value add and capitalise on strong market demand.
“[As well], there is immediate upside potential through tenancy remixing and further precinct activation.”
CBRE national director, hotels Wayne Bunz said waterfront freehold assets of this calibre on Australia’s east coast remained incredibly scarce.
“When we talk about landmark investments, this is precisely what we mean. The Wharf is the kind of generational opportunity that draws the attention of both institutional and private capital, it’s a magnet for lifestyle, leisure and commerce, with enduring value on every level.”
An expressions-of-interest campaign for the precinct is due to close on October 2.
