Timperley family bids Byron Bay corner farewell after 90 years

Timperley’s Corner (marked) occupies a 424 square metre site.

A prominent retail asset in the heart of Byron Bay, held by the Timperley family for some nine decades, has sold for more than $14 million.

Timperley’s Corner, on a 424 square metre site at 14 Jonson Street, on the south west intersection of Lawson, is trading to a Sydney based investor with other properties in the area.

A consortium comprising the Mustaca and Pelligra families acquired the Mercato on Byron last year.

Long time occupier Surf Dive n’Ski rents 85 per cent of the two storey, 558 sqm building, on a lease expiring in five years.

Based on the asset’s annual net income ($614,537) the sale price reflects a sub 4.4pc yield.

Timperley’s Corner is near a collection of Jonson St shops which Justin Hemmes’ Merivale acquired for $13.5m last May.

It is also close to two adjoining hospitality venues – the Great Northern Hotel and Lanteen Lane Hotel – picked up by Melbourne businessman Scott Didlier and Scott Emery 10 months ago.

Late last year, the local council approved Byron Bay’s first housing estate in 30 years, covering a 60ha block on the western outskirts of town.

Also at about that time, Andrew Forrest’s Tattarang acquired the Gaia retreat, at Brooklet, about 15km south west of Bryon Bay, from a consortium including Olivia Newton-John, for c$30m (story continues below).

High profile parties looked in: agent

CBRE’s Mark Witheriff, Joe Tynan and James Douglas marketed 14 Jonson St for brothers Gary and Mark Timperley.

“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 has been owned by the Timperley family since 1935 and was run as a motor mechanics workshop before being developed as a thriving retail surf shop known as Bay Action,” the agent added.

“The business was acquired by Billabong – now Boardriders Group – in 2010 and now houses a flagship Surf Dive n’ Ski store,” according to the executive.

Mr Tynan said retail rents in the area are booming, driven by exponential population growth over the past two years.

Subscribe to our newsletter at the bottom of this page.

Share or Recommend article

Marc Pallisco

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