A Beachfront Business in Hervey Bay Has Sold for a Near-Record $1.3Million
A prime beachfront property in the Torquay business precinct has sold for more than $1.3 million.
The property was marketed by Win Projects, the company behind many of the region’s major developments and last year’s historic sale of the nearby beachfront block which had been owned by the late Con Souvlis.
That sale, which included the chain of shop spaces housing Tres Salsas and 19XO wine and cocktail bar, also went under the hammer to a southern buyer via a Burgess Rawson auction for $9.25 million.
Win Projects Managing Director Glen Winney told the Fraser Coast Chronicle the latest auction for the Esplanade pharmacy was to be held at Hilton Brisbane and the Sydney Opera House but was instead held at a Melbourne office.
He said the virtual auction was a new way of selling in changing times where buyers could purchase property without leaving their homes and “another indicator that the Hervey Bay market is booming”.
“Burgess Rawson Brisbane and Win Projects were conjunctional agents on this property and we have run an extremely successful marketing campaign through lockdowns in three states,” Mr Winney said
“We had over 120 inquires on the property and about 14 registered bidders.
“The bidding at was ferocious with a really strong appetite for Hervey Bay Esplanade property.
“Bids started at $900,000 and went well past the reserve price. With a sale price of $1,312,000 that is a 4.96% yield.
“That would have to be close to a record for Hervey Bay as most properties have been selling for over 7% yield.”
The winning bid came from a Melbourne buyer who plans to use the property as an investment.