Great spot finally ends in new hands
A PROPERTY hosting a restaurant in the Paradise Point shopping village has changed hands for the first time in more than 30 years.
The 506sq m block at 10 Grice Ave, home to Sayang Malaysian, has sold to Lacdel Investments Pty Ltd, linked to Victorian investor Peter Jackson, for $1.948 million.
It was sold by Kenneth Foote, who has held the restaurant property since 1985. Sayang has a lease on the 200sq m restaurant running through to 2020 with a fiveyear option.
It pays $98,673 including GST in annual rent, and lease conditions include increases of 5 per cent per year.
Marketing agent Amir Mian, of Prestige Property Agents, said the property received a great deal of interest during the campaign.
“It is a very tightly held area – this property took 32 years to come to the market,” he said. “We got a good price given the size of the block and the age of the property.”
He said the buyer had longterm plans to knock down the building and replace it with offices and retail space.
Two levels is the height limit in the commercial area, although that can be increased to three subject to council approval. The property comes with eight car parks at the rear and is a short distance from The Esplanade.