STRONG interest is expected for a beachfront retail property in Airlie Beach, that has stood in the same spot for decades.
The Pavilion Arcade, in the Airlie Beach main street, has hit the market with strong interest expected for the fully tenanted property.
Pavilion Arcade offers direct access to the Airlie Beach foreshore and beach, through an attractive open-air retail arcade with a mix of national franchises and unique local businesses, creating a vibrant retail hub.
Offered for sale exclusively by Colliers Queensland, the 1,209 sqm property offers a diverse income structure and a dynamic mix of tenants.
Colliers Queensland National Director Investment Services Hunter Higgins said it was an opportunity to buy into a popular holiday destination in the heart of Airlie Beach, offering a diverse income structure.
“The building is 100 per cent tenanted with a total net income of $1,170,000, offering a strategic tenancy mix, anchored by national brands Boost Juice and Rip Curl, as well as a number of long-standing popular local boutiques and restaurants,” Mr Higgins said.
“We are already receiving a lot of interest in the asset from investors looking for a stable revenue stream in a growing area.”
Colliers Townsville managing director Peter Wheeler said the Whitsundays was currently in the middle of a tourism boom, with more holiday makers visiting than ever.
“The growth over the past three years reflects a trend of both an increase in the number of visitors, up 8.8 per cent over the three-years to 724,000, and a higher average spend per visitor, up 11.3 per cent over the three-year trend to $1,666,” Mr Wheeler said.
“And from an international visitor point of view, this year will see 151 cruise ships deliver more than 450,000 passengers onto the doorstep of Pavilion Arcade.
“Complementing the national franchises are specialised local tenants such as Paradiso Restaurant and Bar, Joa Sushi, Court and Spark Boutique, Airllywood Boutique, Aurealis Jewellery, and Aroma Stone, which cater to a wide range of consumer tastes and preferences.”
The property has recently undergone extensive refurbishments totalling $5m, with an additional $2m to finalise upgrades, completed in late 2019.
“These improvements have not only restored Pavilion Arcade but have significantly enhanced its appeal, functionality, and sustainability, positioning it as a prime retail and leisure investment.”
The property is offered for sale via International Expressions of Interest, closing on Thursday, June 27, 2024, at 4pm (AEST).
