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News release

Australia

Byron Bay’s high profile investment property sells for $5.25million: Jones Lang LaSalle


AUSTRALIA, 11 JUNE 2013 – Jones Lang LaSalle’s Sam Hatcher and Stuart Taylor have announced one of Byron Bay’s most high profile investment opportunities in 2 Jonson Street has sold for $5.25million.

“There was extremely strong interest nationally for 2 Jonson Street, given it features a purpose-built national flagship store for Quiksilver and two band new apartments boasting spectacular views over Byron Bay’s iconic beach,” said Mr Hatcher.
 
Mr Hatcher said the deal, which settled this week, was negotiated at a sale price of $5.25million to a Melbourne based private investor.
 
“Interested parties were attracted to the triple net, whole of land lease structure, with fixed 3.50% reviews annually,” he said.
 
Located on the North East corner of Jonson Street in Byron Bay and adjacent to the iconic Byron Bay Beach Hotel with significant street frontage at an all-year destination hotspot, the property also features significant car parking on title included at the rear.
 
Mr Hatcher said the Quiksilver lease (QS Retail Pty Ltd) was a 10 year term, plus 2 x 5 year options, with lease expiry set for June 2021; with Net Rental representing approximately $393,000 per annum.
 
“There was significant capital invested into the building and the owners saw divesting with a brand new 10 year triple net lease to a subsidiary of a NYSE listed tenant as appealing to investors in the current risk adverse market,” said Hatcher.
 
Mr Hatcher said the offer was a rare one, with premium retail opportunities with exceptional tenancy covenants more than scare in the tightly held tourist location.