A prized retail site on Balmoral’s waterfront leased to well-known Italian restaurant is on the market for the first time in 15 years with a price guide “north of $5 million”.
The property, on the corner of Awaba Street and The Esplanade, is one of two strata units on the site, the other being an upstairs residence. It is one of just 10 retail properties on the popular beachfront strip – the only retail thoroughfare in the exclusive beachside enclave, on Sydney’s lower north shore.
Listing agent Nick Lowry of CI Australia, who is selling the property with Shead Property’s Rick Sombroek and Bill Geroulis, said it was a rare opportunity given that only six of these retail properties were privately held.
“Rarely do properties of this calibre, in such desired locations, come on the market. In fact, it is the first time that a retail property has been offered for sale along The Esplanade in over five years,” Mr Lowry said.
“We expect it to be a long wait until the next opportunity arises.”
The Beach House has 11 years remaining on its lease, including options, according to Mr Lowry, and the 139-square-metre property has a price guide “north of $5 million”.
He said prospective buyers would include those “that have got money in the bank providing next to no return” as well as local buyers with an emotional attachment to the property. Owner-operators with a long-term vision for the site could also be in the mix.
Mr Lowry said the owner, who has held the property for 15 years, wanted to recycle capital from the sale into other ventures.
In a statement released by CI Australia, the owner, who did not wish to be named, said the “time was right” to list the property to market.
“This is an iconic piece of real estate that is part of the fabric of the Balmoral Beach community and I have been proud to own it for the past 15 years. During my ownership, the property has never been vacant and, after many unsolicited approaches from investors, tenants and operators, I have decided to offer the property to the market.
“While the lease will remain in place to the popular and strong-trading Beach House Cafe and Restaurant, I feel now is the time to offer the ownership of the property back to the market,” the statement said.
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