Balmoral Boatshed café and apartment listed with $5 million-plus hopes

Balmoral Boatshed café and apartment listed with $5 million-plus hopes
Jonathan ChancellorMarch 25, 2012

The Balmoral Boatshed, a residential and commercial leasehold property on the Middle Harbour foreshore at Mosman, has been listed for sale by accountant John Bennett.

More than $5 million is being sought with expressions of interest closing May 8 through Richardson & Wrench Mosman agent Robert Simeon.

Bennett bought the leasehold of the property in 1995 when it was the rundown Walton's Boatshed. It had previously sold in boomtime 1987 at $1.1 million. It was rebuilt around 2005 with a beachside cafe downstairs and a 200-square-metre three-bedroom apartment upstairs.

The sale of the lease, which has 15 years left to run, includes the apartment, the cafe, a boat hire and tender service as well as management rights for 56 moorings.

In the 2010-11 financial year, the mooring business generated a gross income of $285,000, and the cafe business grossed about $900,000.

“It’s had a long history dating from the 1930s,” Simeon says.

 

 

 

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.

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