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