Airlie Beach surf shop trades for $5m

The site has development upside once a lease to Beachworx expires.

A retail investment with long term development upside in central Airlie Beach sold for $5 million on Friday.

The sale price for 271 Shute Harbour Road reflects a five per cent yield.

Surf shop Beachworx has occupied it since 1999.

Prior to the asset being listed for sale, the tenant signed a seven year lease with two (seven year) options.

The single storey property contains 405 square metres of lettable area (story continues below).

It occupies a 608 sqm Major Centre zoned block surrounded by taller buildings.

Ray White’s Brett Dwyer was the marketing agent.

Airlie Beach is about a 150 kilometre drive north west of Mackay.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco