Streetcorner Jimmy premises in Teneriffe sells at auction

Streetcorner Jimmy premises in Teneriffe sells at auction
Streetcorner Jimmy premises in Teneriffe sells at auction

The Teneriffe restaurant and bar space of Streetcorner Jimmy, in the London Woolstore building, has sold at auction for $1.34 million.

The ground floor commercial premises at 36i Vernon Terrace had strong interest from a range of different investor profiles

Bidding began at $1 million, with seven bids taking the final sale price to $1.34 million.

The sale reflected around a 7.3 per cent yield.

“We had more than 65 people enquire about the asset and that culminated in three registered bidders battling it out on the day,” Ray White agent Michael Feltoe said.

Streetcorner Jimmy premises in Teneriffe sells at auction
  
"Fundamentally, the investment ticked all the boxes, an unrivalled corner location in a high-traffic area and a landlord friendly lease to a high-quality tenant, who's performing exceptionally well."

The 140 sqm internal area and 75 sqm outdoor space has recently undergone an internal refurbishment, paid for by Streetcorner Jimmy, to create a rustic, Urban space.

They restored the unique character features of the building, with complementing modern elements.

Streetcorner Jimmy have a five-year net lease until 2023 with a fixed four per cent annual increase.

They have options until 2034 and are currently paying $98,800 + GST per annum.

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Restaurant Sale Teneriffe

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