City Fringe Investment + Future Landbank - Major Tenant Dulux High profile investment in the inner-city suburb of Chippendale.
In addition to a strong income profile the property offers a large corner site of 1,151 sqm in an area that is rapidly transforming and is ripe for future development. The site is zoned Mixed Use.
The building was developed for Dulux in 2001 and their current lease runs to December 2020 with a 5 year option.
The first floor is leased to 2018 to a popular Doggy Day Care.
The total net income is approximately $480,000 p.a. with 75% from Dulux.
The property includes a large car park to the rear making it ideal for Dulux custom...
TRIPLE-A MODERN OFFICE - INVEST OR OCCUPY Our commercial team from Gerard Cole Property proudly presents this pristine modern office building located in Chippendale's vibrant business hub within close promixity to Sydney CBD's landmark locations.
> Three-level A-Grade office building > Building area approximately 175sqm > Features; showroom, reception, open work spaces, glass partitioned offices, boardroom, storage, balcony access, separate M/F amenities and air-conditioning > Rear lane access to Docker Lane with secure off-street parking > Ideally suitable for; accountants, advertising, architecture, consulting, construction, creat...
Prime CBD Retail for Sale! Great Investment Return! Shop 25 is perfectly situated along the beautifully presented gallery with wide glass windows. Its prominent position attracts great foot traffic and shopper's interest. Currently leased to a fashion and accessory retailer.
-28m2 -Lease expires in Dec 2017 with one year option -Current net passing rent, $36,600 -Mins walk to redeveloped Darling Harbour, World Square, Town Hall -Great investment potential
Number 1 Dixon Street Shopping Centre, the gateway to the heart of Sydney's tourist mecca, Chinatown, occupies a prime block bounded by Dixon, Goulburn, Harbour and Liverpool Streets with m...
Iconic CBD Retail/F&B For Sale or Lease • Lower Ground: 280sqm* + Street Level: 11sqm*
• Next to Corner of George and Bridge Street
• Grand arch entrance with high ceilings
• Dual access from Bridge and Dalley Street
• Grease and exhaust capabilities
• Suitable uses include but not limited to:
- Beauty Salon
- Cafe/ restaurant
The property will be sold by way of Public Auction:
When: Tuesday 11th April 2017 at 10:30am
Where: AuctionWORKS - Mezzanine Level, 50 Margaret Street, Sydney
Sydney CBD Retail Investment Rare opportunity to acquire a ground floor retail shop with two separate tenancies with renowned operator Chrysler café’ and Cignall Tobacconist.
• Total strata retail area 92m²* approx.
• Net rental $158,150* per annum approx.
• Secure multi-tenanted investment opportunity
• Reputable café tenant Chrysler with 3x existing stores in the CBD -www.chryslercafebar.com
Located next to Wynyard station within a high pedestrian traffic trade area ideal for retailers. Reap the future opportunities of the Wynyard station upgrade with increase of pedestrian traffic and the v...
GREAT INVESTMENT OPPORTUNITY WITH SECURE LONG TERM TENANTS Opportunity knocks with this well located Commercial Retail suite, situated in the sought after Harbour's Edge complex which occupies a strategic corner position in the heart of Darling Harbour. Opportunities of this caliber are becoming extremely rare, currently occupied by Kwik Kopy who have been there since 2013.
Within walking distance of many iconic Sydney destinations, including Darling Harbour, the Fish Markets, The Star and the light rail.
* Returning $45,000 Incl GST per annum * Partitioned 109sqm internal space * Secure 15sqm car space on title * Currently leased to April 2017 w...
Prime Sydney Retail Investment. Securely Leased to 2024. 10 year lease to 2024 plus options to 2034. Fratelli Fresh – 8 outlets and now growing nationwide. Subsidiary of well capitalised Urban Purveyor Group (47 restaurants incl Rockpool and Sake). Prestige location opposite NSW Parliament close to Reserve Bank, Law Courts, Sydney Hospital, NSW State Library and many other professional organisations. Over 40,000 sqm of new office space under construction within 120 metres. Limited local competition, tightly held low vacancy area. High pedestrian traffic close to Martin Place station. Significant tenant fit-out, long term history as a restaurant, 43...
Rare Martin Place investment opportunity - Sydneys best basement This is a truly rare opportunity to acquire a quality investment with an exceptional covenant within one of Sydney CBDs most prestigious locations. This beautifully presented 300m2 space is positioned in the basement of the historic APA Building on the corner of Elizabeth Street and Martin Place.
Located in the civic heart of Sydney, Lot 1/53 Martin Place is offered with a secure long term lease (5 + 5 + 5 years) to renowned hospitality operators, Barrio Cellar and features a valuable hotel licence with late night approval.
Lot 1, 53 Martin Place will be sold by way of public auction on...
Exceptional Chinatown Freehold Knight Frank, as the exclusive selling agent, is delighted to offer for sale the 100% freehold interest in 82-84 Dixon Street, Haymarket.
Some of the property’s attributes include:
- 3 level retail building
- Land area: 342sqm*, total NLA: 980sqm*
- Iconic and high profile building with 14m* prime Dixon Street frontage
- $3.4 billion in surrounding infrastructure and transport invested by the NSW Government
- Substantial rental growth opportunities
- Invest or occupy
Auction Date: 10:30am, Wednesday, 15 March 2017
Auction Venue: Knight Frank Office, Level 22, 123...
RETAIL INVESTMENT PROPERTY FOR SALE AT HUNTER CONNECTION WYNYARD STATION LOCATION
This shop is located on Level B of Hunter Connection, a major pedestrian thoroughfare to Sydney's busiest Wynyard Station. 8,700 people are passing through the turnstiles in peak hours at Wynyard Station. Hunter Connection also serves as one of the major lunch and shopping venue of surrounding office buildings.
RENEWED EDGE WYNYARD STATION UPGRADE
Wynyard Station is planned to undergo a $100 million revamp to create a new gateway to Barangaroo and Sydney's financial district. The route between Wynyard Station, George Street and the Hunter Connection will give the city a new u...
CORE CBD RETAIL INVESTMENT Prime CBD retail investment opportunity located close to Wynyard Station with a high amount of passing pedestrian traffic.
The tenant has recently re-signed a new 5 + 5 year net lease beginning September 2011 with 4% annual increases.
Secure investment, strong growth and prime location.
- Net Income of $145,900p.a. (approx. and as at September 2012) - 5 + 5 year lease - Lease commenced: Sept 2011 - 4% fixed increases - High pedestrian traffic flow - Bustling location close to Martin Place - Sub $2million investment with above 7.5% net yield
2 Secure Car Spaces with 5-Year Leases 5-year leases to Secure Parking - Fixed annual increases of > 2.75% GST Free Tenanted Investment Great potential for capital growth - Similar spaces in the CBD are selling for upwards of $70k each Strategically positioned on Level 1 - Located in the heart of Pyrmont - Short walk to the City and Darling Harbour
Financial Overview for 2 Spaces: Rent: $8,000pa with increases up to $9,330pa over 5 years Strata Rates: $2,004.8pa* Council Rates: $1,358.7pa* Parking Levy: $3,583.27pa* *approx
Fantastic Retail or Investment Opportunity Located in one of Sydney's most vibrant shopping and dining precincts, this 68sqm retail property presents an exceptional opportunity to build a successful business or invest and take advantage of solid rental returns.
Large open plan floorspace with wide frontage and good exposure. It has excellent decor, great lighting and a sleek modern kitchen.
Call Raymond Wong now 0423 566 081 to book an inspection.
UNDER OFFER. Coffee shop in prime corner location Situated on the ground floor of the iconic 'Cooperage' building, this well-established commercial premise offers real value in central Pyrmont. The long-term tenant, a coffee shop, does a thriving trade with local residents and professionals from nearby businesses.
The building itself boasts an attractive brick faÃ§ade, surrounded by parklands and views of Johnstons Bay and Anzac Bridge. The premises feature a modern design and outdoor seating on a leafy shaded terrace, as well as tenants-only access to an onsite indoor swimming pool. Here, customers can enjoy healthy food and their daily c...
Prime Retail Shop for Auction This prime retail space is located in the middle of the Hunter Connection Food Court linking Wynyard station to George, Pitt and Hunter Streets. Currently occupied as a cafe + patisserie shop, it has incredible exposure with wide shop frontage, which provides a great opportunity for a CBD retail business.
- 33sqm (approx)
- All operational facilities are available
- Temporally tenancy
- Owner occupation possible
- Major shopping/commuter retail arcade
- Metres from Wynyard, Martin Place & George Street
- One of the highest CBD foot traffic locations
Hip corner shop + residence for investors In the area's most buzzing location, this package ticks boxes as a nest egg for investors. Amid quality businesses, the shop has a hip new tenant/fitout, and the attached residence offers a city-fringe lifestyle.
30sqm commercial shopfront on corner
Cool new area that is continuing to grow
$850/wk residential + shop income $520
Council rates $2513pa & water $836pa
Residential entry thru private courtyard
Lounge w/ fireplace, tidy kitchen/bath
Generous sized bedrooms throughout
High ceilings & polished timber boards
Rear bedroom w/ a private balcony
Scope to update residential comp...
QUALITY RETAIL INVESTMENT PROPERTY WITH 5+5 YEAR LEASE! - Unique retail investment opportunity - Landmark location near David Jones - Net income: $29,824 per annum approx. - Ground floor positioning with illuminated signage - Secure 5 year lease in place with 5 year option - Large frontage with floor to ceiling glass windows - Reputable Tenant (Est. 1918) with excellent trading history - Tenant has been in occupation for 18 years - Secure lease with 3M Bond and Personal Guarantee - Situated at ground level of large commercial building - Modern and stylish presentation - Open plan and efficient layout - Well maintained building with low Outgoings...
Excellent Retail Investment on Cowper Wharf Road Woolloomooloo This is an excellent opportunity to secure an outstanding investment in the heart of Woolloomooloo with excellent frontage to Sydney Harbour and Woolloomooloo Wharf. The property is offered with a secure lease to Smashed Burguer. Net income is $69,631.47 (July). Fixed annual rental increases of 3%.
Beyond the high exposure frontage and location, this space packs a punch with new polished concrete floors, feature walls and chic lighting fixtures.
- Net income $69,631.47 (July) - 5 + 5 + 5 year lease - 3% fixed annual rental increases - 46 sqm approx - Excellent frontage to Sydney Harbour...
Showcase Your Business in High Profile Positionï¿½ï¿½ Offering maximum exposure, floorplan flexibility and exceptional convenience, this 123 sqm ground floor commercial premises is ideally positioned to showcase your business. On one of Sydney's key arterial roads, this high visibility, high traffic location is minutes to the City, with direct access to the North, East & airport. Currently fitted out as professional offices, the wide double-fronted layout and trendy City fringe location makes it equally attractive as a showroom, gallery or destination retailer.
- Whole ground floor of boutique commercial/residential development - Approx 11m ...
EXQUISITE FOUR LEVEL VICTORIAN TERRACE IN THE HEART OF THE CBD Situated on the corner of Erskine and Kent Street, this represents a rare opportunity to secure an exceptional well-presented 4 level mixed use terrace within the heart of the CBD.
The property comprises a basement, ground floor retail shop plus a 2 level apartment offering both investors / owner occupiers an incredible investment opportunity.
A rare property within affordable price range.
- Immaculately presented, with meticulous finishes throughout. - Outstanding street presence with ground floor retail. - Densely populated location in the middle of Sydney's CBD. - 2 floor a...
Hyde Park Opportunity - UNDER OFFER Extremely rare retail/commercial premises.
Opposite Sydney's Hyde Park.
Strata area of 611sqm + 15sqm pkg + 2 large exclusive usage storage areas.
Highly visible retail frontage from Elizabeth Street.
Signage opportunities from Elizabeth & Castlereagh Streets (front & rear).
Suit variety of usages incl; restaurant/cafe, medical, law firm, showroom, office, college, high profile gymnasium (STCA).
Potential to add value by subdividing to create multiple tenancies (STCA).
Vibrant residential/commercial precinct with constant activity.
Offered with vacant possession, suitable for owner oc...
***SOLD PRIOR TO AUCTION*** RARE GEORGE STREET PRIME RETAIL SHOP Located in the heart of Sydney's CBD, this property offers an excellent opportunity to acquire an affordable retail investment with prominent George Street frontage/exposure. The location provides easy access to Central Railway Station, Haymarket, UTS and Market City.
Shop 1, 717-723 George Street will be auctioned at 10.30am on the 24th October 2013 at the Sydney Morning Herald Auction Centre located at Mezzanine level of 123 Pitt Street, Sydney
Features of this superb retail property include: • Outstanding strata retail in excellent location • Unbeatable street exposure an...
SOLD AT AUCTION! Prime Retail Corner Investment Colliers International has the pleasure of offering the sale of ground floor café - Tempered Café via Public Auction.
Located on the corner of Sussex and Druitt Street, with two-street frontages and wrapped around glass around the café, this 86m² café has the ability to penetrate high pedestrian traffic and prominent exposure. The café services the Seasons Darling Harbour, a twenty-storey building with 119 serviced apartments.
• Café Shop area : 86m² approximately
• 7 year lease expiring 14th of February 2021
• Fix increases with 5 year option
• Net income of $140,...
HARBOURSIDE RETAIL INVESTMENT - Unique retail investment opportunity - Landmark location on Sydney Harbour - Kiosk retail space adjoining luxury pier apartments - Long term tenancy in place with a 5 year option - Tenant is a high profile restaurateur, Ventuno Pizzeria - Net income: $38,574 per annum approx. - Secure lease with bond and personal guarantee - Premium exposure to an endless flow of pedestrian traffic - Large bi-fold doors opening onto the promenade - Internal and external spaces included - Suit a variety of businesses i.e. florist, cafe, etc - Modern and stylish presentation - Prestigious location near Baran...
Retail shop with great street exposure. This shop is located in Dixon 1 Shopping Centre, corner of Dixon, Goulburn and Harbour Sts
* Right next to the Harbour St Entrance of the shopping centre
* Excellent frontage with great exposure
* Lots of passing traffic
* Current rented for hair product & accessories, gift retails at $275 per week
Retail Opportunity Property features: - Corner location McEvoy and Elizabeth Street - 64 sqm internal and 103 sqm of undercover outdoor seating area - Internal storage - DA approved cafï¿½ with a seating capacity of 70 people - Grease trap and exhaust - Dual entry from McEvoy and Elizabeth Street - Basement carpark - Available August
EXCEPTIONAL Retail Offering in
Tightly Held Chinatown Pedestrian Street 2 adjacent ground floor strata retail properties offered in one line. Both with solid rental income and long leases.
Located next to iconic landmark in the heart of Chinatown, close to Darling Harbour behind the new Darling Square development.
• Approx 52 sqm at the corner of Dixon Street and Factory Lane
• Leased to Dixon Café for a rent of $173,056 pa+GST
• Current lease expires 24 Nov 2018, tenant has one 5-year option
• Another 21 sqm storeroom on title on basement level leased to Shop 2 tenant for $2,400 pa+GST
• Approx 303 sqm with wide frontage on Dixon Stree...
Unique Investment Opportunity The wharf enjoys panoramic views to the city and harbour and is within close proximity to the Sydney CBD.
•This is an opportunity to own a key part of Sydney Landmark with a spectacular waterfront location and incredible views of the city skyline. •Cowper Wharf, Also colloquially known as ‘Finger Wharf’, is one of the most sought after locations in Sydney. The destination offers a luxury marina, hotel, restaurants and apartment complex. •Lot 6,7& 8 of 6 Cowper Wharf, Woolloomooloo are leased to the award winning restaurants Otto Ristorante and Kingsleys Steak and Crabhouse. •NOI $1,464,...
Secure Cafe Investment - Ideal for SMSF Gunning is excited to offer for sale by public auction this very well priced investment property, with a secure tenant in the heart of Pyrmont.
Located within a very close proximity to the renowned Sydney Fish markets, this property benefits from huge outdoor alfresco style dining.
148/313 Harris Street is offered with a secure tenant trading as Harris on Harris, with an approximate net income of $32,085.85 pa and 3% increases to the rent per annum. With long term tenure until approximately 2024, this property is ideal for super fund buyers.
One of Sydney's Busiest Retail Arcades. Unique Investment Opportunity. Highly exposed retail shop with wide frontage Massive foot traffic and corner position â?? visible from 3 directions Premises used as a Tobacconist for over 14 years Busy retail arcade/pedestrian thoroughfare Adjacent to Wynyard Station Located in the absolute heart of the Sydney CBD Arguably the most affordable retail investment in the Sydney CBD New 5 year lease commenced in August 2015 Net Income: $22,440 pa + GST
GROUND FLOOR INDUSTRIAL STYLE RETAIL/SHOWROOM - Brand new 107sqm strata retail shop. - Includes 1 x security car space. - Ideal for an owner occupier or investor. - Wide frontage to busy Bourke Street. - Exposed brick facade with industrial style shop front. - Concrete floors with exposed brickwork internally. - Internal bathroom and plumbing for kitchenette. - Perfect as a destination retail store or showroom.
SOLD The property is a commercial suite located in the middle of the iconic finger wharf at Woolloomooloo. The property has water views and is currently leased to Criniti's restaurant as storage space.
Property Details: > Commercial strata in premier location > Internally 101sqm > Water views > Well presented
Lease Details: > 5 year lease expiring in December 2017, plus a 5 year option > $35,280+GST gross pa > 5% or CPI increase pa (higher of)
To discuss the property in more detail please contact: Romain - 0423 670 815 Harry - 0425 232 688
VERSATILE AND EXPANSIVE RETAIL HOLDING 209 Harris Street, Pyrmont represents an outstanding opportunity to secure an exceptional and versatile retail or commercial premises that boast excellent exposure over arguably Pyrmont's busiest pedestrian and vehicular intersection. Additionally and for sale separately, is a fully leased cafe known as Lot 1. This cafe is currently leased at $42,582 p.a. net on a three (3) year lease.
Lot 10 • 1,455m² vacant commercial / retail space • 24 secure basement car spaces • Suits wide range of users - supermarket, retail, showroom, medical, gyms, offices etc. • Prominent cor...
SUPER PRIME RETAIL INVESTMENT IN SYDNEY CBD Bvlgari at 64 Castlereagh Street holds prominent yet elegant presence in an area that is home to some of the worlds most recognisable and luxury brands. This property boasts excellent underlying fundamentals of a great retail property investment with the following attributes:
- A prominent ground/street frontage in Sydney CBD a world class city
- Located in high end retail precinct surrounded by the world's most exclusive retail brands
- A blue chip tenant in Bvlgari Australia which is owned by LVMH (Louis Vuitton Moët Hennessy)
- A long lease term with desire to have this further exten...
Flag ship retail location to occupy or invest • Prime positioned in CBD Financial Core on the corner of Hunter & George Streets
• Freehold building with an additional strata lot adjoining to the Lower Ground restaurant
• Lower ground leased to Lee’s Malaysian Restaurant (218m²)
• Ground, first and second floor currently for lease, asking $410,000pa
• Over 50,000 people passing through per day
• Located across from Wynyard station and capitalise on one of the busiest intersections in the CBD
The Bond - Sydney Whole Building LJ Hooker Northbridge and Khoury & Partners are delighted to present this rare lifestyle and corporate investment opportunity situated in the heart of Barangaroo.
A unique opportunity on the water's edge of one of Australia's largest mixed-use development.
- Offered in one-line - 6 separate lots
- Building one consists of 5 levels all fully renovated with lift access.
- Building two consists of 3 levels including mezzanine level and massive forecourt.
- Buildings are to be purchased as freehold.
- 20 car spaces in the adjacent building.
- Huge forecourt area fronting Hickson Road, ...
OUTSTANDING WATERFRONT OFFICE * Open 80sqm Wharf office + 25sqm entertainers decking * Stunning water views to Balmain Peninsula * Stylish fitout * Private kitchen & amenities * 1 car space * Invest or occupy
A stunning 80sqm Wharf office to be sold vacant possession. The office features a 25sqm entertainers balcony and 1 car space on title.
Suite 68 forms part of the iconic Jones Bay Wharf office complex, a highly successful commercial development completed approximately 12 years ago, now occupied by various professional and creative type businesses attracted to all that Pyrmont has to offer.
Affordable CBD Retail Investment One of Sydney CBD Busiest Retail Arcades
- Massive CBD foot traffic location
- Metres from Wynyard Station, Martin Place & George Street
- Surrounded by high profile commercial buildings
- Leased to secure tenant
AUCTION - RARE CBD FREEHOLD + Prominent 9 level CBD retail and office building + 2,650.3 sqm* Net Lettable Area + 468 sqm* land size + Directly opposite Queen Victoria Building and Town Hall Station + Two street frontages and an internal light well + Multiple angles to add further value in the short term + Conversion / redevelopment potential (STCA) + 3.5 Star NABERS Energy Rating
For more information on the property or to obtain a copy of the Information Memorandum, please contact the sales team:
10:30 AM Thursday 16 April 2015 Mezzanine, 50 Margaret Street, SYDNEY NSW 2000
OFFICE IN SYDNEY'S BENNELONG BUILDING - 65sqm* commercial office
- Opportunity to occupy
- Sold as a 'going concern' with a short term lease back
- Abundance of Natural light
- This position will never lose its prominence
- Assets in 'The Bennelong' are rarely traded
Sold via auction: auctionWORKS, 50 Margaret Street, Sydney at 10.30am, 18th August 2015
Dramatic price drop!!! * Absolute bargain $2,100,000 + GST (OFFERS WELCOME) * Former fitout now stripped to open plan * Impressive corner 250sqm retail space * Former day spa * Many uses STCA - Medical Center, mini mart, liquor store, pharmacy, bar, showroom etc * Next to IGA, fish markets and light rail station * 1 car space * Must inspect!!!
**SOLD** - Unique Sydney Masterpiece Investment For Sale by expressions of interest closing: Thursday 22nd August 4.00pm (AEST)
•NLA: 2,369sqm* (retail: 875sqm* and office: 1,494sqm*) •Site area: 623sqm* •Recent refurbishments including 2 new lifts •Suit investors and owner occupiers •Prominent site with 30 metre* frontage to Clarence Street •Two street frontages with loading dock •High ceilings, heritage features with modern services •Close proximity to Town Hall Bus, Rail interchange and QVB
For further details, please do not hesitate to contact the exclusive selling agents.
SOLD, SOLD, SOLD. More Properties Wanted !! This charming building is centrally located at Pitt Street in the heart of Sydney CBD. The building provides cost effective office accommodation with offices ranging in size of 37 square metres. It is currently a therapy massage clinic with long lease, private kitchen and toilet.
Stunning Wharf Office - Vacant or Tenanted Stunning 80sqm office Wharf office that can be sold tenanted or vacant. The office also features a 23sqm entertainers balcony and 1 car space on title.
Suite 103 forms part of the iconic Jones Bay Wharf office complex, a highly successful commercial develop completed approximately 12 years ago, now occupied by various professional and creative type businesses attracted to all that Pyrmont has to offer.
The property has exceptional interior finishes of the highest quality and is ideal for an owner occupier seeking a creative functional office for their business or an astute investor. The si...
The Terminus Hotel - Pyrmont's Unpolished Emerald • Offered to the open market for the first time in over 30 years
• Blank canvas, in a vibrant and major growth precinct
• Centrally located to John Street Square light rail (10 metres), Johnstons Bay (250 metres) and 1.5km to Sydney CBD
• Corner site, zoned B4 Mixed Use, comprising 493.2 sqm* with north-east aspect
• Existing GLA of 493.5 sqm* plus basement cellar
• Full transferable hotel licence
For Sale by Expressions of Interest, closing 5pm, 7th of April 2016.
Contact the exclusive selling agents at JLL and Ray White Hotels for further information or to arrange an inspection.
SECURE CBD INVESTMENT – RENTAL INCOME $120,000 per annum net Our commercial specialists from Gerard Cole Property is pleased to present one of Sydney CBD’s best located freehold strata investment property that’s on the market for Sale.
> Occupied by ‘Posh Printing’, on new 5 + 5 + 5 year lease commencing on 1st December 2015
> Rental income $120,000 per annum net (plus GST and outgoings)
> Building area 175sqm approximately
> High traffic position within the heart of the Pitt Street’s vibrant shopping district
> Short walking distance to the; World Square, Market City, Hyde Park, QVB, UTS, Darling Harbour
> Easy access to public transport; bus,...
RETAIL FREEHOLD STRATA INVESTMENT – NET INCOME $73K PER ANNUM Our commercial specialists from Gerard Cole Property is pleased to present one of Sydney CBD’s best located freehold strata investment property that’s on the market for Sale.
> Occupied by prominent restaurant chain ‘Two Sticks’, on new 3 year lease commencing on 15th November 2015
> Net income $73,000 per annum (plus GST)
> Strong yield of +7% with outgoings paid by tenant
> Bank Guarantee from tenant equal to 3 months rent
> Currently in new fit-out stage with refurbishment upgrades to the premises by restaurateur