Chance to own the Sorrento Brewhouse
There is no shortage of operators keen to land a craft beer joint in a top coastal spot.
The recently listed Sorrento Brewhouse along a coveted Sorrento strip has price hopes of $600,000-$700,000 plus.
That’s a fraction of what commercial properties cost along popular Ocean Beach Rd. A sale early this year saw 54-56 Ocean Beach Rd on 574sq m fetch $4.07 million.
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But the asking price for the Sorrento Brewhouse is just for the business, not the property, which is owned by Mildura-based craft beer producer Broo Ltd.
The venue has operated for just a year and netted revenue of over $260,000 in 12 days over the last Christmas-New Year period, according to the listing.
It is on a five-year lease from 2017 with an annual $80,000 rental.
“Interest has been mainly from owner-operators,” CBRE Hotels director Mathew George says.
The 154-164 Ocean Beach Rd site on 1486sqm has a sought-after position with its 60m depth making it one of the largest retail sites on the main street.
“Despite the tyranny of distance between Mildura and Sorrento, Broo has made some solid inroads in delivering a high-quality coastal venue,” Mr George said.
He noted this was an opportunity to create a business and lifestyle and would suit a variety of operators.
The property has bars and a kitchen at the front, a separate kiosk, extensive outdoor areas and decking and a recently added high-spec bar and cool room.
It offers multiple directions for a new operator, ranging from craft beer and woodfire pizza to food trucks and coffee offerings with all-day dining and cocktail evenings, George adds.
This article from Leader Newspapers originally appeared as “Sorrento Brewhouse: Mildura’s Broo looking to offload coastal venue”.