Makeover whets buyers’ appetites
FOOD and beverage industry operators and investors are eyeing three newly-created tenancies at Main Beach.
The spaces are on the market and form a single 235sq m title within a five-outlet retail precinct at 25 Tedder Ave
The property formerly hosted a restaurant and has undergone a substantial makeover to deliver two ground-level tenancies — of 88sq m and 20sq m — and a 128sq m top-level space.
The title, held by an investor, is marketed by James Crawford, of Colliers International, and Leonie Smith, of Smith Commercial, and is to be put to auction on March 30.
The agents said more than 30 inquiries were received in the first week of marketing and they also have fielded interest s from prospective tenants.
Ms Smith said most of the inquiry has come from Gold Coasters “who have confidence in the street appeal of the property either for their own use or to attract tenants”.
The ground level fitout has created a cafe venue and a space for a retail outlet or services enterprise.
The upper-level makeover has delivered a bar with food preparation area and electronic dumb waiter that enables food or smallgoods to be conveyed from ground level.
The tenancies have individual amenities and share five secure basement parking bays.
Mr Crawford said some parties “are looking to operate the cafe, extend into the groundfloor retail area and to lease out the upper-level space, while others are looking to turn the top-floor into an office and to rent out the groundlevel tenancies”.
Ms Smith who, after the property was built in 2008, sold the tenancy to a restaurateur, said “segmentation of the space has various benefits for a purchaser”.
“For an investor, vacancy risk is spread across three spaces, while an owner-occupier can choose a space for their business and collect rent from the other areas,” she said.