A trophy waterfront investment property in Queensland’s Airlie Beach with long-term high-profile tenants including The Coffee Club and Billabong will be auctioned off next month.
Known as The Boathouse Retail, the asset at 33 Port Drive in Airlie Beach consists of a 1,747sqm single-level contemporary retail centre on 4,913sq m with 177 metres of frontage to the Port of Airlie Marina.
It has high-end retail spaces fronting the passenger link between the Passenger Ferry Terminal and Airlie Beach Town Centre, and sits underneath The Boathouse Apartments, consisting of 56 residential apartments over three levels.
It has 13 tenancies, being anchored by national long-term tenants The Coffee Club and Billabong, with the balance being specialty retail, restaurants and tourism services.
The property is being taken to the market next month via a portfolio auction through Knight Frank’s recently-launched National Portfolio Investments Division.
Knight Frank’s Paul Dury is marketing the asset on behalf of the owner Receivers and Managers Meridien Airlie Beach Pty Ltd and Meridien AB Pty Ltd.
Interest for the property to date has been tabled above $9M. The property has a net income of $803,000 per annum and a WALE of 5 years.
Mr Dury said the asset has attracted wide-ranging interest from mainly local and interstate buyers, along with two international enquiries.
“This is an iconic fully tenanted waterfront retail development in one of Australia’s most dynamic tourist hubs, in the heart of the dining, accommodation and commercial precinct of Airlie Beach,” he said.
“The regional investor market has experienced an uplift in interest and solid property growth over the past 18 months, as buyer demand continues to stream away from Sydney and Melbourne.
“At the same time, the benefits of living and working in a regional area have been crystalized, with convenience, culture and major amenity at your door stop.”
The Port of Airlie precinct was developed by 2009, with the Boathouse Retail completed by 2011 as the first major asset in the highly attractive Port of Airlie mixed-use area.
The precinct comprises a world-class Marina with more than 180 marina berths, prestige residential homes and units, the Whitsunday Cruise Ferry Service, which hosts more than 600,000 passengers per year, and very good recreational boating facilities.
The auction will take place at 11am AEDT on December 8 at The Assembly, Angel Place at 123 Pitt Street in Sydney.
The other properties to be auctioned as part of Knight Frank’s NPI auction include:
- 1 Railway Court, Cambridge, Hobart – A brand new warehouse facility with a nine-year net lease, which is a distribution centre and storage for Ashley Furniture. Agents: George Burbury and Tom Balcombe of Knight Frank.
- 63 Arthur Street, Roma, Queensland – A high-yielding multi-tenanted investment with Federal Government occupant, just 100 metres from the main street in Roma. Agent: Peter Uebergang of Knight Frank.
- 594 Rode Road, Chermside, Brisbane – A prime industrial investment in Brisbane, with secure 10 and five-year leases to established tenants. Agents: Peter Uebergang and Michael Gilbert of Knight Frank.
- 115 Beardy Street, Armidale, New South Wales – A property leased to a high-yielding discount retailer, Ten Tops, in a CBD location next to Coles. Agent: Michael Gilbert of Knight Frank.
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