- A 1,714sq m single-level waterfront retail centre at 33 Port Drive in Airlie Beach, known as The Boathouse Retail, is up for sale.
- The property occupies 4,913sq m with 177 metres of frontage to the Port of Airlie Marina
- It has 15 tenancies, including national brands Billabong and Coffee Club, with a lease expiry profile of 5.8 years and income of nearly $760,000 per year
- Knight Frank is marketing the property on behalf of appointed Receivers and Managers Meridien Airlie Beach Pty Ltd and Meridien AB Pty Ltd
AN ICONIC retail waterfront property in Airlie Beach fronting the Port of Airlie Marina is expected to generate significant buyer interest during its sale campaign.
Known as The Boathouse Retail, the asset at 33 Port Drive in Airlie Beach consists of a 1,714sq m single-level contemporary retail centre on 4,913sq m with 177 metres of frontage to the Port of Airlie Marina.
It sits underneath The Boathouse Apartments, consisting of 56 residential apartments over three levels.
The offering has 15 waterfront retail tenancies - two of which are currently merged - occupied by national retail brands Sea Folly, Billabong and Coffee Club, as well as popular local hospitality, health and tourism operators. It also has basement car parking.
The property is being taken to the market via an Expressions of Interest campaign run by Paul Dury of Knight Frank on behalf of appointed Receivers and Managers Meridien Airlie Beach Pty Ltd and Meridien AB Pty Ltd.
Mr Dury said The Boathouse Retail was a genuine trophy asset that pays its way, with a secure net income of nearly $760,000 per year and a lease expiry profile of 5.8 years.
“The property sits in an iconic waterfront position, overlooking the world-class Port of Airlie Marina and linking the two high traffic precincts in Airlie Beach – the Port of Airlie Passenger Ferry Terminal with the Airlie Beach Main street.
“The attraction of the Boathouse Retail is that it has more than 1,000 holiday accommodation units within a few hundred metres so it really is in the heart of activity in Airlie Beach.
“We expect both domestic and overseas buyer interest, with the property being marketed across Australia and Asia.”
Mr Dury said the nearby Whitsunday region provided a uniquely sustainable tourist appeal for the area for generations to come, which would underpin buyer interest in The Boathouse Retail.
“The quality of the Whitsunday region has meant that it has navigated the border closures better than most other regions in Australia, particularly over the past 12 months,” he said. “Domestic tourists, particularly Queenslanders, have really supported the region.
“We anticipate the buyer will understand how durable the wider Whitsunday region tourism industry is, now that this has been tested without international visitors, and can approach the investment quality of the asset feeling comfortable about the wider regional economy.
“The diversity of the region is significantly extended by the thriving sugar and grazing industries and easy access for employees to the sources sector in the nearby Bowen Basin.”
The Port of Airlie precinct was developed by 2009, with the Boathouse Retail completed by 2011 as the first major asset in the highly attractive Port of Airlie mixed-use area.
The precinct comprises a world-class Marina, prestige residential homes and units, the passenger ferry and very good recreational boating facilities.
Port of Airlie has hosted many of the prestige residential sales in Airlie Beach in 2021, with vacant waterfront residential lots reaching $2.6 million.
The Expressions of Interest campaign for the The Boathouse Retail property will close at 4pm, Thursday, December 16.