Rethink Investing

Retail | 69 Maud Street Maroochydore (Sunshine Coast) 4558 QLD Australia

Key Information

Asset Class:	Retail

Price:	$ 7200000
Net Yield:	5.80 %
Net Yield - including solar strategy:	%
Property Market Status:	Pre Market

Introduction

Presenting an exceptional investment opportunity to purchase a very rare IGA supermarket anchored shopping centre, complimented by a Pizza Hut and Bottle Shop located on the booming Sunshine Coast QLD. The property sits on a large site with exposure to passing traffic being located on a main thoroughfare providing access to the Maroochydore CBD (the heart of the Sunshine Coast business district). Originally developed in circa 2006 with a refurbishment in 2019, this property presents as a high quality, low maintenance investment. The property allows for multiple value add strategies, including market rent reviews, lease extensions and re-leasing the upstairs tenancy, providing the discerning investor the potential opportunity to provide solid capital growth in the short and medium term. We look forward to securing this opportunity for you.

Background Information

How old is the asset?

Circa 2006 with a refurb in 2019

Vendor's reason for selling?

Other

Days property been on market?

Is this property strata titled?

Are the seller and tenant related parties?

How long has the current tenant been on site?

18 years

How long has the tenant been in business?

Months

Is this property in a flood zone?

Is this lease a leaseback arrangement?

Additional Information File

Location on Map

Maroochydore (Sunshine Coast) QLD

The property is located on Maud Street, Maroochydore (Sunshine Coast) QLD - a main thoroughfare, in close proximity to both the Maroochydore CBD and residential areas. Maroochydore is not only the geographic centre of the Sunshine Coast, framed by stunning natural beauty with its majestic river and glorious beach; but is also the cultural, commercial, retail, and employment capital of the Sunshine Coast, located approximatley 100km north of Brisbane. Location proximity (distance from the property): <ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);font-style:normal;">Maroochydore CBD - opposite the property</li><li style="list-style-image:none;color:rgb(51, 51, 51);font-style:normal;">Maroochydore Bunnings - 1.4 km*</li><li style="list-style-image:none;color:rgb(51, 51, 51);">Sunshine Coast Airport - 10.5 km*</li><li style="list-style-image:none;color:rgb(51, 51, 51);font-style:normal;">Brisbane CBD - 103 km*</li></ul> From the multi-billion dollar SunCentral CBD development in the very heart of Maroochydore, through to the expansion of the Sunshine Plaza, the revitalisation of Ocean Street as a dining and entertainment hub, the master-planned Sunshine Cove community – Maroochydore is emerging as one of south-east Queensland’s dominant economic powerhouses. At a glance: SunCity – Maroochydore’s new CBD development – a $5 billion*, 60 hectare CBD development in the heart of Maroochydore, is a world-leader in innovative design and a hub of commerce, technology, and entertainment; there is no other development of this type and scale currently being built in Australia, and it is Australia’s only Greenfield CBD, aside from Canberra. Sunshine Plaza – has undergone a $400 million extension and redevelopment in recent years, adding a further 120 specialty stores and retail giant David Jones. It is now the largest retail centre north of Brisbane, covering 107,000 square metres, and a major employer. Seamlessly blending tourism, leisure, and commerce; Maroochydore really shines across all sectors attracting investors and investment from across Australia and abroad. Having undergone an economic renaissance and massive facelift over the past few years, Maroochydore is absolutely booming. Sunshine Coast estimated population 2025 over 370,000 people <a style="color:rgb(44, 123, 208);display:inline;" target="_blank" href="https://www.population.net.au/sunshine-coast-population/">https://www.population.net.au/sunshine-coast-population/</a> Sunshine Coast forecast population 2041 over 540,000 people <a style="color:rgb(44, 123, 208);display:inline;" target="_blank" href="https://www.sunshinecoast.qld.gov.au/experience-sunshine-coast/statistics-and-maps/population-forecast">https://www.sunshinecoast.qld.gov.au/experience-sunshine-coast/statistics-and-maps/population-forecast</a> * Approx.

Additional Location Information File

Tenant Information

IGA Maroochydore Supermarket IGA is a network of over 1,300 independent family owned businesses that sit at the heart of local communities across Australia. IGA is supplied by Metcash, Australia's leading wholesale distribution company, listed on the ASX. Maud Street Grocer (IGA Maroochydore) is a full line supermarket offering a huge grocery range and fresh produce department, gourmet deli with fresh meal options. The Maud Street Grocer (IGA Maroochydore) operator is Brad Hopper (HG Retail) who has a great reputation for delivering a high quality offering. He owns 4 x IGA's across Brisbane and Sunshine Coast (all in premium locations such as Ascot, Hawthorne, St Lucia, Maroochydore) plus a flower business with 25 locations across Queensland. <a style="color:rgb(48, 48, 47);display:inline;" target="_blank" href="https://www.iga.com.au/">https://www.iga.com.au/</a> <a style="color:rgb(48, 48, 47);display:inline;" target="_blank" href="https://www.metcash.com/about-us/">https://www.metcash.com/about-us/</a> <a style="color:rgb(48, 48, 47);display:inline;" target="_blank" href="https://www.maudstreetgrocer.com.au/about/">https://www.maudstreetgrocer.com.au/about/</a> Pizza Hut Pizza Hut is the largest pizza chain in the world with more than 16,000 Pizza Hut Restaurants and Delivery Units operating globally, including over 260 stores in Australia. <a style="color:rgb(35, 31, 32);display:inline;" target="_blank" href="https://www.pizzahut.com.au/about-us">https://www.pizzahut.com.au/about-us</a> Liquor Stax Liquor Stax is proud to be one of the largest independent retail groups in Australia, with over 465 conveniently located family owned and operated hotels & bottle shops across NSW, QLD, VIC, TAS & WA. The group originated in 1989 to unite under the one name…LIQUOR STAX. <a style="color:rgb(44, 123, 208);display:inline;" target="_blank" href="https://www.liquorstax.com.au/">https://www.liquorstax.com.au/</a>

Additional Tenant Information File

Financial Overview

Initial Term:

Security:

Security Info:

Please refer to attached Financial Summary.

Additional Financial Information File

Special Conditions (if any)

Initial Term:

Security:

Security Info:

Rental Comparison

RETAIL RENTS: Subject Property: 69 Maud Street, Maroochydore - IGA - 667sqm - $463/sqm gross p.a. + GST - Liquor Stax - 107sqm - $424/sqm gross p.a. + GST - Pizza Hut - 66sqm - $624/sqm gross p.a. + GST Comparisons: IGA Wurtula (Sunshine Coast) - 605sqm - $485/sqm gross p.a. + GST IGA Redland Bay (Brisbane) - 405sqm - $511/sqm gross p.a. + GST IGA East Brisbane - 1,431sqm - $510/sqm gross p.a. + GST Dominos Kenmore (Brisbane) - 106sqm - $720/sqm gross p.a. + GST Coolangatta (BWS) - 91sqm - $980/sqm* gross p.a. + GST Whitsunday Plaza (BWS) - 136sqm - $958/sqm gross p.a. + GST Moranbah QLD (Liquor Legends) - 141sqm - $939/sqm gross p.a. + GST OFFICE RENTS: Subject Property: 69 Maud Street, Maroochydore - 326sqm - $425/sqm gross p.a. 101/8 Maroochydore Road, Maroochydore – 79sqm - $500/sqm gross p.a. + GST (Aug 2023) 41 Primary School Court, Maroochydore - 323sqm - $485/sqm gross p.a. + GST (asking Feb 2025) 23/14 Duporth Avenue, Maroochydore – 92sqm - $450/sqm gross p.a. + GST (April 2023) 60-62 Dalton Drive, Maroochydore – 551sqm - $440/sqm gross p.a. + GST (Jan 2024) 33-37 The Esplanade Maroochydore - 295sqm - $400/sqm gross p.a. + GST (Nov 2023) * Approx. Subject to valuation and further due diligence.

Offer To Purchase

Offer To Purchase:

7200000

Initial Deposit:

300000

Due Diligence:

days

Finance:

days

Settlement:

days

3 weeks from unconditional date

Download Write Up PDF

View Your Estimated Rental Yield

Disclaimer: The depreciation figures provided are based on specific circumstances and may not accurately reflect your current financial situation. These figures are intended for informational purposes only and should not be construed as financial or tax advice. Individual financial situations can vary widely, and the applicability of these figures to your personal circumstances may differ. It is strongly recommended that you consult with your usual taxation adviser or a qualified financial professional/accountant to verify this information and obtain personalised advice tailored to your specific financial situation. Neither the provider of this information nor any of its affiliates shall be held liable for any decisions made based on this information without proper consultation with a professional adviser.

Key Highlights

<ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);">a high-profile, IGA anchored shopping centre, situated directly opposite the Maroochydore (Sunshine Coast QLD) CBD.</li><li style="list-style-image:none;color:rgb(36, 36, 36);">Tenants: IGA, Pizza Hut, Liquor Stax (bottle shop), upstairs tenancy</li><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:normal;font-weight:bold;">GLAR: 1,166 sqm*</li><li style="list-style-image:none;color:rgb(0, 0, 0);">Site Area: 3,247 sqm*</li><li style="list-style-image:none;margin-inline-start:0cm;color:rgb(0, 0, 0);">Cars: 46* on site car parks plus loading and motorcycle bays</li><li style="list-style-image:none;margin-inline-start:0cm;color:rgb(36, 36, 36);font-style:normal;">Strategic Landholding (opposite Maroochydore CBD)</li><li style="list-style-image:none;margin-inline-start:0cm;font-style:italic;">Recently Refurbished</li><li style="list-style-image:none;margin-inline-start:0cm;font-style:italic;">20 year lease to IGA</li><li style="list-style-image:none;margin-inline-start:0cm;color:rgb(36, 36, 36);font-style:normal;">10 year lease to Pizza Hut</li><li style="list-style-image:none;margin-inline-start:0cm;color:rgb(0, 0, 0);">Less than 1 km* from Sunshine Plaza and opposite the new $5 billion* SunCentral Maroochy CBD</li><li style="list-style-image:none;margin-inline-start:0cm;color:rgb(36, 36, 36);font-style:normal;">Value-Add opportunities (e.g. bottle shop rents appear under market, extend IGA and Pizza Hut lease, re-lease upstairs tenancy)</li><li style="list-style-image:none;margin-inline-start:0cm;color:rgb(36, 36, 36);font-style:normal;">Estimated Net Income: $418,261 p.a. + GST after management fees and land tax</li></ul> <ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(0, 0, 0);">Estimated Net Rents (average): $359/sqm net p.a. + GST</li><li style="list-style-image:none;color:rgb(0, 0, 0);">Price: $7,200,000</li><li style="list-style-image:none;color:rgb(0, 0, 0);">Net Yield: 5.8%</li><li style="list-style-image:none;color:rgb(0, 0, 0);">Sale Rate: $6,175/sqm</li></ul> * Approx. Why we like this property: <ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;margin-inline-start:0px;color:rgb(0, 0, 0);">Rare IGA anchored shopping centre in a prime Sunshine Coast QLD location</li><li style="list-style-image:none;margin-inline-start:0px;color:rgb(0, 0, 0);">Large site with significant exposure to passing traffic on Maud Street</li><li style="list-style-image:none;margin-inline-start:0px;color:rgb(0, 0, 0);">Two street access</li><li style="list-style-image:none;margin-inline-start:0px;color:rgb(0, 0, 0);">Significant infrastructure and development in close proximity with the $5 billion* Maroochydore CBD located with 100 metres* of the property</li><li style="list-style-image:none;margin-inline-start:0px;color:rgb(0, 0, 0);">Value add potential:</li><ul style="list-style-type:circle;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:inherit;">potential upside in the bottle shop rents (passing at $424/sqm vs potential market at $900/sqm) - this would bring the net passing yield to 6.5% and the value to $8,100,000 by applying the purchase yield (e.g. a potential $900,000 value uplift within 3 years of ownership-subject to valuation and market rents/cap rates at the time).</li><li style="list-style-image:none;color:rgb(36, 36, 36);font-style:inherit;">potential upside in IGA lease where they have indicated they will take up their 5 year option to 2032 per the agent - this would increase the WALE and likely tighten the cap rate and improve the valuation.</li><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:inherit;">potential upside in Pizza Hut lease where they have indicated they will take up a new 5 year lease to 2031 per the agent - this would increase the WALE and likely tighten the cap rate and improve the valuation.</li><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:inherit;">potential upside in leasing the upstairs office space on a longer-term lease - this would increase the WALE and likely tighten the cap rate and improve the valuation.</li></ul></ul>

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How old is the asset?

Vendor's reason for selling?

Days property been on market?

Is this property strata titled?

Are the seller and tenant related parties?

How long has the current tenant been on site?

How long has the tenant been in business?

Is this property in a flood zone?

Is this lease a leaseback arrangement?

Initial Term:

Security:

Security Info:

Initial Term:

Security:

Security Info:

Offer To Purchase:

Initial Deposit:

Due Diligence:

Finance:

Settlement:

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