Savills sells Terrigal restaurant and apartment for $3.35 million

A Terrigal restaurant and apartment has been sold for $3.35 million to a Sydney-based investor.

Savills Australia’s Aaron McLean brokered the deal on behalf of the locally based vendor, achieving a rate of $5,135.85 per sqm and an initial yield of 5.15 per cent.

Located at 10 Kurrawyba Avenue Mr Mclean said “we received 66 direct enquiries for this campaign, with a total of nine offers submitted.”

“The buyer’s family regularly visits Terrigal as their favourite ‘Sydney getaway’ destination so they will use the four-bedroom apartment for family holidays, while holding on to the renowned Le Chat Noir restaurant as the retail tenant,” he said.

Last sold in 2001 the property went for $727,500 making this latest sale a 9.4% year on year increase in price.

Set on a 651 sqm block the property has a fully leased rental potential of $173,198pa net.

Situated 100m to Terrigal Beach, restaurants, cars and cafes the building holds a corner position with 58m of frontage.