Iconic Balmoral Beach retail property hits the market

Wednesday 28 October 2020

CI Australia (CI) and Shead Property are delighted to be offering a trophy retail and cafe investment in Sydney's Balmoral Beach.

Currently under a long-term lease to the Beach House Balmoral Restaurant & Cafe, the 139 square metre (strata area) property is located at Shop 1, 2 Awaba Street, Balmoral Beach.

CI Australia's Nick Lowry, and Shead Property's Rick Sombroek, and Bill Geroulis, are offering the property for sale via Public Auction on Saturday 21st November 2020.

The prominent cafe is located on the enviable corner positon of Awaba Street and The Esplanade, boasts a spectacular view of Balmoral Beach never to be built out, and is just one of ten retail shops along The Esplanade. The abundance of public car parking, and the active and engaged local Balmoral community who already enjoy the cafe and location, serve to strengthen the property's valued proposition.

The property shares a 50% Unit Entitlement with a residence above, more resemblant of a freehold opportunity.

The private owner of the property said, “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 last 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.”

CI Australia's Nick Lowry said, "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. There are only 6 retail properties that are not owned by Mosman Council on The Esplanade and we expect it to be a long wait until the next opportunity arises.  With these factors combined, we expect to see a number of buyer profiles interested in the property.

“After many years of unsolicited approaches from a variety of investors from outside and within the hospitality sector, the owners now have a vision to invest the capital from the upcoming sale back into further business opportunities.”

-ENDS-

Contact:

Nick Lowry
+61 408 891 376
nlowry@ciaustralia.com.au

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