More than half of the retail buildings in Rainbow Beach’s CBD have not been on the property market for more than 25 years.
More than half of the retail buildings in Rainbow Beach’s CBD have not been on the property market for more than 25 years.

BEACH MOGULS: Who owns the best real estate at Rainbow

TURN to the subject of the commercial players along Rainbow Beach's main street, and the story is an old one.

An analysis of the coastal gem's premiere street, Rainbow Beach Rd, reveals five of the nine blocks between Clarkson Dr and Kitchner St have been owned by the same people for 25 years or more.

The most entrenched company is DEM Services, which bought the property that became the long-time home of the town's IGA and Foodworks for $310,000 in August 1982.

The shops closest to the beach have been owned by DEM Services since at least 1993.
The shops closest to the beach have been owned by DEM Services since at least 1993.

About a decade later the company expanded, buying the properties adjoining either side in October 1993; the property closest to the beach cost them $200,000, the other $190,000.

The lot nearest the beach has since been redeveloped into the Sea Salt at Rainbow restaurant.

It is impossible to know how large a real estate goldmine DEM Services is sitting on, but sales across the town in the past two decades gives some clue.

The shops further along, at one time home to the Coffee Rocks at Rainbow restaurant and now Brent's Burgers, were bought by Rainbow Jada Pty Ltd in September 2014, for $1.05 million; the unit and shops at the corner of Rainbow Beach Rd and Clarkson Dr were bought by PR Portek Properties four months earlier, selling for $900,000 in June 2014.

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Other properties in the central shopping stretch are owned by Suzanne Mary Fitzgerald (next door to PR Portek's unit and bought for $65,000 in October 1996), the bakery by Dogdaya Pty Ltd ($78,000 in October 1996, and the pharmacy (taken over by Rabbit Trap Super at the start of 2012 for $480,000).

The shops home to Brent’s Burgers was bought in 2014 for more than $1 million.
The shops home to Brent’s Burgers was bought in 2014 for more than $1 million.

Properties on the other side of the road are owned by individuals under a body corporate for the Plantation at Rainbow

Further out of town, opposite the pool is a different story.

These properties have all been bought since the turn of the century; Rainbow Beach Sand's apartment unit complex is the oldest, bought in April 2000 for $160,000 - that was 20 years ago.

This was followed by Faracole's purchase of the shops including Ed's Beach Bakery in 2001 for $1.125 million.

The biggest commercial cash splash, in the town's centre, was $3.75 million by Turnerhall for 48 Rainbow Beach Rd in 2007.

The newest sale was the shopping complex at the intersection of Rainbow Beach and Carlo roads, which went to Kikatinalong Holidays for $820,000.

Gympie Times

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