Strand site up for sale
Seafront land holds its value
A LEASED restaurant property on Townsville’s premier seafront strip is up for grabs to investors keen to get a slice of the action in northern Australia’s biggest city.
The property, where Odyssey on the Strand recently renewed its lease, is being offered for sale by expressions of interest through Colliers Townsville.
Colliers associate director Angelo Castorina said the property was a rare offering.
“You don’t get a lot of property come up for sale on the Strand,” Mr Castorina said.
“It’s in a really prime location, being diagonally across the road from the Rockpool and Jezzine Barracks parklands and across from the Strand beach.
“From an investor’s viewpoint, it’s an opportunity to own some good property on The Strand which is always going to retain its value.”
The property commands a prime ground floor corner location of The Strand and Howitt St and is part of a residential apartment complex.
The restaurant is popular with locals who enjoy the cool sea breezes while dining.
The property comprises a covered alfresco area at the front, an airconditioned indoor dining area, front counter area, commercial kitchen, cold rooms, storage area at rear and roller door access from Howitt St.
Mr Castorina said the current tenant had leased the premises since 2009 and had just renewed the lease for another five years from July with a further option of five years.
All plant and equipment is owned by the lessee with the exception of an exhaust hood and flute which is included in the property being sold.
The property shows a net income of $116,750 a year. Expressions of interest close on October 28.