A Taiwanese private investor has swooped on a Whitsundays retail investment overlooking a tropical marina.

The investor paid $7.3m for the property on the ground floor of The Boathouse Apartments at 33 Port Drive, Airlie Beach, overlooking the Port of Airlie Marina.

The asset has a net lettable area of 1719 sqm and its 13 tenancies include leading national retailers Billabong and Seafolly, supported by established restaurant and tourism services. The property features a 4913 sqm entitlement area extending towards the marina and 56 basement car parks.

Developed by Meridien the property was built in 2011 and net annual income was about $841,597 plus GST.

Burgess Rawson’s Craig Chapman, who ran the offers to purchase campaign with Tom Lawrence and Neville Smith, said the established tenancy profile generated a weighted average lease expiry of 4.23 years, which made it an investor-friendky opportunity.

“Airlie Beach, a major Queensland and tourism precinct, serves as the gateway and mainland hub of the famous Whitsunday Islands,, attracting over 1 million annual visitors,’ he said.

The Whitsunday Region is a significant growth corridor of North Queensland, with a resident population forecast to grow at an average annual rate of 2.3 per cent.’

Brisbane Courier Mail – Chris Herde