Beachside pharmacy a ‘healthy’ property investment
A rare investment “sheltered from the pandemic’s negative effects” will go under the hammer next week.
Selling agent Doug Doyle said Mooloolaba Esplanade’s pharmacy asset to be auctioned at Burgess Rawson’s upcoming September Portfolio Auction is just what the doctor ordered for astute investors.
The refurbished property is tenanted by Mooloolaba Osteopathy and Mooloolaba Beach Pharmacy which has traded in the precinct for more than 70 years.
Mr Doyle said the site’s highly lucrative position and impressive lease terms cemented the property as a reliable investment opportunity for investors.
“The Mooloolaba Esplanade is a hive of activity which is why the tenants have prospered in this location for such a long time,” Mr Doyle said.
“Being directly across from the beach and the council owned car park, foot traffic is in abundance.
“Buyers recognised the importance of the length of tenure and the essential service nature of this investment, these features offer excellent investment security in these uncertain times that we all find ourselves in.”
Mr Doyle said Sunshine Coast economy had been going from strength to strength in recent years, doubling over the last decade to over $10 billion.
“This increased growth will further position the Mooloolaba Esplanade as a top-tier location supported by growing inbound tourism and a booming local economy,” he said.
The property is secured on a long-term 17-year lease to 2034, returning an annual net income of $389,839 plus GST, and fixed 4 per cent annual rent increases.
Mr Doyle said the medical asset class had increasingly drawn investor interest in recent months during the pandemic.
“The pharmacy and medical asset is sheltered from many of the pandemic’s negative effects, being an essential service business, which we believe this will drive investor interest to the asset come auction day,” Mr Doyle said.
The 77 Mooloolaba Esplanade site will be heading to auction from 11am on September 23.