A commercial building housing some of Magnetic Island's most popular businesses is up for sale for the first time in 28 years. See the location.
Located at 6 Pacific Drive along the iconic Horseshoe Bay Esplanade, the freehold building is home to four fully tenanted retail stores – Nudies, Horseshoe Bay Fish & Chips, Cafe Nourish and Island Fever Surfwear – and was listed for sale by Raine & Horne Townsville on 19 June.
Rayne & Horne principal Steve Lawmont said commercial property ownership on the island is extremely rare and this represents an exciting opportunity for a smart investor wanting to secure a foothold in Horse Bay's vibrant recreational hub.
He said the building had been owned for decades by two brothers, one of whom lived on Magnetic Island and the other in New South Wales.
“It's time to move on. They're getting older and it's time to hand it over to somebody else who might have new energy and new ideas,” Lumont said.
Steve Lawmont, principal at Raine & Horne, is selling the Horseshoe Bay building at 6 Pacific Drive. Photo: Provided.
“You'll be leaving your mark on the Coral Sea boardwalk. Magnetic Island is currently increasing in value every day, so a very smart investor would be quick to buy.”
“We have four fantastic tenants, all with three-year leases, over 800sqm of attic space and the returns are extremely good.”
The building at 6 Pacific Drive is home to Noodies, Horseshoe Bay Fish and Chips, Café Nourish and Island Fever Surfwear. Photo: Raine & Horne.
A stunning view from 6 Pacific Drive, Horseshoe Bay. Photo: Raine & Horne.
He couldn't disclose the yield or asking price for the property, but predicted the building would sell in the high $1 million to low $2 million range.
He said since it went on the market, a range of potential buyers have expressed interest, from local families to investors from down south.
The building at 6 Pacific Drive is home to Noodies, Horseshoe Bay Fish and Chips, Café Nourish and Island Fever Surfwear. Photo: Raine & Horne.
Inside Island Fever Surfwear. Photo: Raine & Horn.
“There's always been interest in Magnetic Island, it's really become a destination, but that interest is growing and people from the south are looking to invest,” he said.
Hoping to capitalize on that interest by establishing a permanent presence in the Magnetic Island community, Lemont struggled to find a suitable commercial space.
The building at 6 Pacific Drive is home to Noodies, Horseshoe Bay Fish and Chips, Café Nourish and Island Fever Surfwear. Photo: Raine & Horne.
The building at 6 Pacific Drive is home to Noodies, Horseshoe Bay Fish and Chips, Café Nourish and Island Fever Surfwear. Photo: Raine & Horne.
“Commercial property sales (on Magnetic Island) are going incredibly well, but there's a real shortage of commercial property,” he said.
“For example, I’m looking for commercial space over there for my franchise, but it’s hard to find them – there’s a real shortage.
“(We are) trying to find a suitable store in Nelly Bay and there will be zero vacancy.”
For more information visit www.raineandhorne.com.au/magnetic-island
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