Buy this iconic Palm Cove beachside foodie spot
One of Palm Cove’s most iconic beachside retail properties is up for sale for the first time in 30 years and is expected to attract a wave of investors.
The two-storey building at 73 Williams Esplanade is home to the well-known ‘Pete’s Place’ and ‘Kushi’ Japanese restaurant and is situated in one of the prime locations at the popular beach destination.
The suburb, 25 minutes north of Cairns’ CBD, has long been a focus for residential and commercial investors.
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And Colliers International’s Jay Beattie says it is a rare opportunity in the tightly held location.
73 Williams Esplanade, Palm Cove.
“Representing a unique commercial investment, this property is one of the few remaining undeveloped beachfront freeholds, enhanced by its unique corner position in the tourism and lifestyle mecca of Palm Cove,” he says.
Fully leased, the building provides a combined income of $147,513 per annum, not including GST.
Both commercial leases have recently transitioned into their final three-year option term, offering prospective purchasers security of income, along with flexibility of time to consider future potential.
“Ownership provides a myriad of opportunities from the continuation of a passive investment, the possibility of increased income potential through future refurbishment, and the option of redevelopment with the potential of four storeys,” Beattie says.
The site is home to ‘Pete’s Place’ and Kushi Japanese Restaurant.
The 400sqm site has double-street frontage, delivering good visibility for traders.
Any future development will have the ability to truncate the corner uninhibited by vehicular access from Harpa St.
The vibrant restaurant space is dotted with palm trees and draws large holiday crowds, attracted to its relaxed vibe less than 50m from the sand.
Palm Cove is a bustling tourism hub near the Great Barrier Reef, named after the palm trees that line the beach.
Expressions of interest close at 4pm on May 9.
