Premium Salamanca asset heading to auction
No.15/13-17 Castray Esplanade, Battery Point is heading to auction. Picture: Supplied
A PREMIUM asset in the sought-after Salamanca Waterfront and Castray Esplanade precinct is set to be sold under the hammer.
Burgess Rawson and Knight Frank Tasmania have listed the property at No.15/13-17 Castray Esplanade, Battery Point, which is occupied by the popular Kosaten Japanese Restaurant.
Burgess Rawson partner Matthew Wright said the property presents a solid investment with its long 15-year lease through to 2036 and assured rental growth with fixed 3.5 per cent annual increases.
The current rental is $123,726 per annum.
No.15/13-17 Castray Esplanade, Battery Point.
No.15/13-17 Castray Esplanade, Battery Point.
Mr Wright said the ground floor restaurant in a historic stone building has gained a significant following across Tasmania and interstate.
This had led to a further five locations poised to open in the future, he added.
‘We are under instructions from the vendor that this property will be sold,” Mr Wright said.
“The vendor has another project they are committed to proceeding with. They will meet the market.”
The impressive and modern 201sq m property benefits from an impressive $750,000 state-of-the-art fit-out.
The property’s net lease terms see the tenant responsible for outgoings including land tax and body corporate fees.
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No.15/13-17 Castray Esplanade, Battery Point.
No.15/13-17 Castray Esplanade, Battery Point.
The Esplanade location of this property is a tourist mecca, with over 1.3 million visitors per year.
Kosaten is surrounded by some of Tasmania’s best accommodation, restaurants, bars and the famous Salamanca Market.
The University of Tasmania is within 1.5km, home to tens of thousands of students.
Battery Point is Tasmania’s most prestigious residential suburb, the only one in the state with a $2m-plus median house price.
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No.15/13-17 Castray Esplanade, Battery Point.
No.15/13-17 Castray Esplanade, Battery Point.
For details on No.15/13-17 Castray Esplanade, Battery Point, contact Knight Frank or Burgess Rawson.
It will be sold at the upcoming Investment Portfolio Auction 167, commencing at 10.30am March 27 at the Crown Casino, Melbourne.
