Coffee king snaps up gym

BRISBANE coffee king Phil Di Bella has raced ahead of the pack and bought a Sunshine Coast gym.

Mr Di Bella paid $2.1million prior to auction for the Healthworks gym at 5 Pangarinda Place, Mooloolaba, through Blue Commercial's Tony Pagano and CBRE's Rem Rafter.

RIGHT BLEND: Blue Commercial's Tony Pagano and CBRE's Rem Rafter on site at Pangarinda Place, Mooloolaba.
RIGHT BLEND: Blue Commercial's Tony Pagano and CBRE's Rem Rafter on site at Pangarinda Place, Mooloolaba.

Mr Pagano said the transaction had a strong New Farm connection.

"The buyer grew up in New Farm, the vendors were in New Farm who I've known for a long time, and I'm a New Farm boy," he said.

The purpose-built two-level stand-alone 557sq m building was built 20 years ago and is on 926sq m of land overlooking the canal. It has 24 car parks.

Healthworks has a seven-year lease with a further five-year option available. The sale realised a yield of 8.2%.

Mr Pagano said yield was a major attraction.

"The buyer has a set criteria. It needs to be a 7% to 8% return, it needs a decent lease and development upside which is quite a sound strategy if you can find the properties," he said.

Mr Rafter said the property received 43 enquiries and there were two parties with offers prior to auction.

"Free-standing properties in good position with a reasonably good lease, albeit to a specialised gym, are highly sought-after," he said.

"The yield was high because it's a specialised gym and investors probably think it's a bit restrictive.''

MOOLOOLABA

5 Pangarinda Place

Features: Purpose-built, two-level, stand-alone 557sq m building on 926sq m. Tenanted

Price: Sold for $2.1million prior to auction

Agent: Rem Rafter of CBRE Sunshine Coast and Tony Pagano of Blue Commercial

Contact: Rem 0408 714 420, Tony 0408 721 665



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