Balmoral’s Beach House Cafe and Restaurant site for sale after 15 years
The landmark corner property occupied by the iconic Beach House Cafe and Restaurant has come to market for the first time in 15 years.
Shop 1/2 Awaba St, Mosman, has a long-term lease to the popular eatery, with options extending until 2031.
CI Australia’s Nick Lowry, and Shead Property’s Rick Sombroek, and Bill Geroulis, are taking the 139sqm property to auction on November 21.
Mr Lowry said the site was one of only six privately owned shops at Balmoral, and was attracting international and local attention.
The property also shares a 50 per cent Unit Entitlement with a residence above the shopfront.
“Rarely do properties of this calibre, in such desired locations, come on the market,” he said. “In fact, it is the first time that a retail property has been offered for sale along The Esplanade in over five years.”
The property has a price guide of $4.5 million to $5 million.
During the 15 years if has been owned by the vendor, it has never been vacant.
“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,” Mr Lowry said.
“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.”
The property is located on the corner of Awaba St and The Esplanade and is highly visible from all approaches. It has a 17m retail frontage with excellent exposure to pedestrian and vehicular traffic. Floor to ceiling glazed bi-fold windows provide views of Balmoral Beach and an ocean breeze.
According to the property’s Information Memorandum, the estimated net annual income is $181,107.