Top price for vacant commercial land
A PIECE of vacant land in Noosaville has sold for $2.575million as the area's industrial market continues to heat up.
The price of $520 per square metre achieved for the Noosa Auto Park site at 26 Lionel Donovan Drive is a post-GFC record for Noosa, according to Ray White Commercial Noosa & Sunshine Coast North directors Paul Forrest and Paul Butler.
"This 4950sq m combined site of two lots was the last prime industrial land available in Noosa,” Mr Forrest said.
"It was sold to interstate investors on behalf of a local owner and is suitable for various retail and industrial business uses.
"To meet the demand for land, we are now looking at demolition as well as renovation of old product in inferior locations.
Mr Butler said there was only one similar site for sale in the area priced at $695,000 (plus GST) for 1040sq m.
"The industrial market in Noosa is highly sought-after and this is spinning off to lesser locations like Coolum, Cooroy and Yandina,” he says.
"Development product in the area is achieving $3000-plus (and GST) per square metre or higher.”
The site is in a busy traffic area next to the new KFC, Repco and 7-Eleven service station complex.
The surrounding development comprises a mixture of modern, good quality industrial and car sales showroom buildings.
Tenants in the precinct include Sunshine Coast Mazda, Madills Holden & Toyota, Garry Crick Auto, Ford, Hyundai and Noosa Car Wash.
26 Lionel Donovan Drive
What: Vacant 4950sq m combined site of two industrial lots
Features: Busy traffic area with high-profile tenants
Result: Sold for $2.575million
Agent: Paul Forrest and Paul Butler at Ray White Commercial Noosa & Sunshine Coast North
Contact: 0408 985 254, 0418 780 333