Sails Restaurant on the market
The owners of the Sails Restaurant in Noosa, with its 180 degree views of Laguna Bay, have put the renowned eatery on the market.
The site on the bay-front land is expected to sell for $11 million.
The restaurant and wedding venue on Hastings Street developed on freehold land more than two decades ago will be sold with a 10-year lease in place and three possible five-year extensions.
Sails was developed by its owner Lyndon Simmons.
Agent Tom Offermann said the two-storey restaurant is in a special spot, tucked away in a protected corner of Noosa’s Main Beach.
“Noosa is certainly a world-class coastal village and this site is right at the epicentre of everything,” Mr Offerman told The Australian.
“It’s not your usual commercial property and it’s not going to appeal to the hard-nosed commercial investor looking purely at immediate return on investment.
“The person to whom it will appeal will be the investor who can see this location will always have a tenant because there will always be restaurateurs wanting one of the best restaurant sites in the country, and someone for whom a legacy property appeals.
“The next owner is, I think, unlikely to ever sell the property.”
The location is important. According to the Real Estate Institute of Queensland, the Noosa property market is booming. Just over the past years, there’s been a median price rise of 12 per cent for houses.
Add to that the developments to the area where Sails is located.
According to Herron Todd White, the upgrade to Hastings Street about four years ago improved foot traffic. Also, there has been little retail vacancy since the amenity boosts.
And then there is the strong tourism industry for Noosa. Interstate visitors, mostly from Sydney and Melbourne, surged by 77 per cent last year.
And interstate visitors spend more than any of Noosa’s visitors, at $228 each a day.
by Leon Gettler, September 21st 2017
