Iconic beachside retail investment snapped up for nearly $4M by interstate investor

100% freehold in retail ground floor of Woody Point ‘Point Plaza’ transacted

An interstate investor has snapped up an iconic ground floor Woody Point retail investment for $3,700,000, showing the huge demand from interstate investors for stable defensive assets in South East Queensland.

With 542 sqm of net lettable area and 25 car parks, the asset located in the popular tourist destination of Woody Point, is directly adjacent to the newly refurbished Belvedere hotel and enjoys uninterrupted ocean views.

Transacted via a successful expressions of interest campaign by the Colliers team of Tony Wang and Shaun Seeto, and Accelerate Property Group team of Jeff Dolan and Jim Wicks, 14 Oxley Avenue Woody Point was sold on behalf of a local developer.

Colliers Queensland Asia Markets Director Tony Wang said the asset was located on a desirable corner waterfront location and fully leased to 4 tenants spanning across 7 tenancies, providing a reliable income source.

“Generating a net income of $301,856 per annum with a WALE of 3.1 years (by income) this asset offered a stable investment opportunity,” Tony Wang said.

“With multiple offers received, the successful purchaser is an interstate based investor who was attracted to the high yield on offer and the immense amount of residential development activity in the immediate precinct.

“With 48 residential and short stay apartments located directly above the retail tenancies and also located directly opposite the iconic Belvedere Hotel and adjacent to the Woody Point Jetty, this asset ticked all of the boxes,” Tony Wang added.

Colliers Queensland Investment Services Senior Executive Shaun Seeto said the asset offered investors a great opportunity, offering a retail space with sweeping ocean views in a thriving bayside area.

“There is a dedicated market with a myriad of residential unit buildings in the immediate area with further residential development expected to additionally support the retail amenity,” Shaun Seeto said.

“With 59 metres of prime waterfront street frontage, rarely do commercial investments like this come up for sale in this highly sought after bayside area, hence there was such strong interest.

“The asset is fully leased to the tenants of Seafood Town, Ormorfia Hair, Café 3Eightnine, and Riverbend Villages & Resorts who are established traders, making this a set and forget investment.

“The sellers are a well-known local family and developer who built the Point Plaza Apartments in 2009. They were pleased to see the project’s journey from purchasing the site to building the Point Plaza Apartments, selling the apartments, and ultimately divesting of the ground floor retail,” Shaun Seeto added.