Unique property goes to auction

A TROPHY waterfront investment property in Airlie Beach with tenants including The Coffee Club and Billabong will go to auction in Sydney on December 8.

Known as The Boathouse Retail, the asset consists of a 1747sq m single-level contemporary retail centre on 4913sq m with 177m frontage to the Port of Airlie Marina.

It has high-end retail spaces fronting the passenger link between the Passenger Ferry Terminal and Airlie Beach Town Centre and sits underneath the three-level Boathouse Apartments.

It has 13 tenancies providing specialty retail, restaurant and tourism services.

Knight Frank’s Paul Dury is marketing the asset on behalf of Receivers and Managers to

Meridien Airlie Beach Pty Ltd and Meridien AB Pty Ltd and is being taken to the market as part of a portfolio auction through Knight Frank’s National Portfolio Investments Division.

The property has a net income of $803,000 per annum and a Weighted Average Lease Expiry of 5 years. Interest for the property to date has been tabled above $9m.

Mr Dury said the asset had attracted interest from local, interstate and international buyers.

“This is an iconic fully tenanted waterfront retail development in one of Australia’s most dynamic tourist hubs in the heart of the dining, accommodation and commercial precinct of Airlie Beach,” Mr Dury said.

The Port of Airlie precinct was developed by 2009 with the Boathouse Retail completed in 2011 as the first major asset in the mixed-use area.

The precinct comprises a world-class marina with more than 180 marina berths, prestige residential homes and units, the Whitsunday Cruise Ferry Service.

The auction will take place from 11am on December 8 at The Assembly, Angel Place at 123 Pitt Street in Sydney.