Kings Cross Powder Keg premises sold
Jonathan ChancellorDecember 7, 2020
Set in the heart of the Kings Cross entertainment precinct on Kellett Street, The Powder Keg premises have been sold at $1,712,000.
Its lease came with a net income $122,000 per annum plus GST. There was fixed rental growth of 4% per annum for the 150 sqm space that included valuable outdoor area of 19 sqm.
It was marketed as a "rare opportunity to purchase a high quality long term investment in this tightly held retail precinct," by James Griffiths at LJ Hooker Commercial.
It is leased to the international award winning Grant Collins, the food and beverage consultant with a new high quality fit-out from Edge Design Studio on a new 6 plus 6 year lease.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.