Byron Bay’s landmark Timperley’s Corner building has been sold by one of the area’s founding families after close to 90 years of ownership.
The prominent retail building has been acquired by a Sydney-based investor after a competitive tender campaign, steered by CBRE’s Mark Witheriff, Joe Tyan and James Douglas.
While the sale price has not been disclosed, Mr Witheriff said the sale yield reflected the property’s trophy status.
“A number of high-profile parties were competing to secure the building, which is a true icon within Byron Bay,” Mr Witheriff said.
The building had been owned by the Timperley family since 1935 and was run as a motor mechanics workshop before being developed as thriving retail surf shop known as Bay Action. The business was acquired by Billabong – now known as Boardriders Group – in 2010 and houses a flagship Surf Dive n Ski store.
The two-storey building has a net lettable area of 559sqm and is situated on a 424sqm site at the corner of Jonson and Lawson Streets, one of the town’s busiest intersections.
CBRE’s Mr Tynan noted, “The campaign drew the attention of investors from throughout Australia, but also internationally. After a competitive process, which attracted multiple offers, the property was sold to a Sydney-based investor already active in the Byron region.”
Mr Tynan said the NSW Northern Rivers region had experienced exponential growth over the past two years, underpinned by families relocating from high density city living to more regional coastal towns for lifestyle reasons.
“This is being reflected in retail trends, with increases in retail rents and a tightening of capitalisation rates, specifically for boutique locations such as Byron Bay.”
Recent sales in the area include the Mercato on Byron Bay which sold in May last year for $120m with the adjoining 200-bed backpackers property at 116 – 118 Jonson Street Byron Bay was sold in February for $11.1m.
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