North Narrabeen waterfront asset offers cafe and DA approval for residence
It’s the go-to spot for a post-surf coffee and avo on toast, and now Girdlers in North Narrabeen is seeking a new landlord.
Alongside the well-established cafe, approval for a new premium three-bedroom house has been granted, and the combined offering is proving attractive to two distinct groups of buyers, says James Willing of Belle Property Commercial Northern Beaches.
“One is an investor who wants an ultra-premium retail investment on the waterfront, and the other is a developer, because there is a DA-approved residence that can be built adjacent to the current cafe,” Willing says.
“We’re getting extremely close to getting the property sold. We’ve got three or four parties now that understand both the development and investment sides, and they’re the ones who will see the value.”
Secure hospitality return
Girdlers is one of the more popular cafes in the area with its health-focused menu and silky lattes. The company is a strong tenant for the new landlord to have, with three Northern Beaches locations in Dee Why, Manly and Narrabeen.
The Narrabeen site tenancy is signed until November 2027 with two five year options. It currently generates a net annual return of $175,478.78 plus GST, with fixed annual rental increases of 4 per cent. The floor plan spans 208 square metres of internal space, including a full commercial kitchen and a recently completed high-quality fitout.
“They are a very good business, and it’s one of those sit-and-forget hospitality investments, which are pretty hard to come by,” Willing says.
Prime waterfront location
The site’s position overlooking Narrabeen Beach and the entrance to Narrabeen Lagoon is one of its main drawcards. Although a council car park separates the property from the water, Willing says the outlook from the upper levels of the proposed house is a defining feature.
“It will have absolutely stunning water views down the length of the beach and across the lagoon entrance,” he says. “Sites like this are extremely rare on the market now, as there’s only a finite number of properties on the waterfront in the Northern Beaches that come to market.”
The adjoining public land also provides the cafe with passing trade from beachgoers, surfers and other visitors to the headland. North Narrabeen is internationally recognised as a surfing destination and has hosted World Surf League competitions.
“It’s one of Australia’s best beaches,” Willing says. “North Narrabeen is where we produce some of the best surfers in the world. It’s just a stunning location.”
Rapid capital growth
The substantial growth recorded in Narrabeen’s residential market over the past decade helped illustrate the longer-term potential of the approved development.
“When we started the commercial business about 10 years ago, we saw waterfront residential properties selling for around $5 million or $6 million,” Willing says.
“Now, those same types of properties are transacting for $12 million, $16 million or even $18 million.”
