Savills sells Terrigal restaurant and apartment for $3.35 million

Savills sells Terrigal restaurant and apartment for $3.35 million
Staff reporterNovember 20, 2018

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.

Editor's Picks

Walker Corp get sign off for SOL by Walker in Maroochydore
First look: Surfers Paradise riverfront set for more new apartments
Capio to bring family-friendly, parkside living to Carlingford
The Melbourne suburbs that will see the biggest uplift in apartment values after interest rate cuts
The Sydney suburbs that will see the biggest uplift in apartment values after interest rate cuts