Tin Can Bay hangout sold but 'full steam ahead' for cafe
A LOCAL resident has become the new landlord at Tin Can Bay's "best lifestyle and income opportunity in 2019”, but it's "full steam ahead” for a popular coffee spot on the premises.
The mixed-use residential and cafe property, which has an approximate 669sq m building area and 1,873sq m land area, recently went under the hammer at Breakfree Grand Pacific Resort in Caloundra through Ray White.
Ray White Commercial Caloundra and Sunshine Coast South agent and auctioneer Thomas Garland said six registered bidders battled it out for the keys to the Toolara Road property, opening with a bid for $500,000 and sold for $705,000.
"There was a real buzz around the auction with a crowd of more than 100 turning up and it lived up to the billing, with 16 bids in total, and the lucky winning bidder was a local resident,” Mr Garland said.
"This place is a real gem. It has a three-bedroom home as the residence above and a commercial café below, both of which are leased by the café tenants until 2021.
"But the income production doesn't end there with four, two-bedroom flats with long-term tenants behind the shopfront.
"The residence, commercial café and the block of four units produce a gross yearly income of (approximately) $74,790.”
Mr Garland said direct access to Fraser Coast waterways and possibility for further investment opportunities added to the lot's overall appeal, while Gympie Regional Council had "previously granted development application approval for another six units to be built on the property” under the Integrated Planning Act.
Temptations by the Water co-owner Elise Henderson said news of the sale had drawn confusion about their cafe's future, but she and husband Cameron had no plans on selling up any time soon.
"The cafe hasn't been sold, we're full steam ahead,” Mrs Henderson said.
"Our newly introduced juice bar has been very successful and we're looking forward to the Easter period coming up.”