Tiny 46 square metre Bronte shop sells for $2,385,000
A tiny, unassuming fish and chip shop has managed to batter its elite Sydney suburb’s property price record, by selling at a high-frying new figure of $51,847 per metre.
Nearly two and a half times the existing property record of $21,430 a square metre – set in 2013 for a $16.5 million mansion – the tiny shop, only 46 square metres, is the newly-crowned king of Bronte.
The Bronte shop is 46 square metres in size, including a cool room and kitchen. Photo: Supplied
It sold on Thursday March 30 for a staggering $2,385,000; $385,000 over its reserve, after a lively bidding war between two keen purchasers.
“Quality commercial real estate is very highly prized and this one was no exception,” says selling agent Michael Buium of Ray White Commercial city south. “People have a good appetite for quality property. It was very sought after as it’s in such a great position as one of only nine premises on the beautiful beachside in Bronte in the eastern beaches.”
But Bronte residents can breathe a sigh of relief – the new buyer bought it as an investment, and he’s happy to keep the long-term tenants on, so it will still continue to operate as a fish and chip shop for many years to come.
The 1920s company-titled shop, at 1/491 Bronte Road, has a lease term of 15 years, with an annual yield of six per cent on a rental of $149,412 per annum plus GST. It began as a butcher’s but turned into a fish and chippery after the war.
The view of Bronte beach from near the shop. Photo: Supplied
While regular customers have always included the Bondi Rescue boys, Social Services Minister Scott Morrison and the former deputy Prime Minister Tim Fischer, they won’t include the vendor, Bob Holloway, 77.
“After cooking fish and chips there for over 25 years, you just don’t want to eat them anymore,” he says. “I don’t buy them very often, but I’m glad it’s going to stay as a fish and chip shop.
“I’m pleased with the price, although you always wonder if it was worth a little bit more. But then it was a reasonable price, and my daughters will help me spend the money!”
Bob and his wife Kay, 66, bought the business and property in 1988 for around $290,000 and subsequently sold the flat attached to it for $120,000, making it a shop purchase of around $170,000. They ran the business together for a number of years before leasing it out to operators. They now plan to spend more time travelling.
“It does feel a bit sad to see it go, but you just have to move on,” Holloway says.
