Timperley family bids Byron Bay corner farewell after 90 years
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.
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.
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