Split-risk retail block at Rothesay Bay
A split-risk retail block in the midst of the Rothesay Bay Village is on the market for sale, offering abundant redevelopment potential.
Colliers International brokers Gawan Bakshi, Sean Honeycombe and Shoneet Chand are marketing 595-601 Beach Rd for sale by deadline private treaty. Offers on the property close at 4pm on November 1, unless it is sold earlier.
”This is one of only a handful of sites in the suburb with Business Neighbourhood Centre zoning. This allows for intensive mixed-use redevelopment,” says Bakshi.
“The fully leased retail block, which dates from 1950s, has one of the two titles on offer, while a vacant freehold site at the rear has the other.”
He says the three retail tenants return $66,000 plus GST in net annual rent, which could provide a potential new owner with a useful revenue stream while making plans to unlock the site’s potential.
The retail block at 595-599 Beach Rd is on an undivided, three-quarter share of a 678sq m cross lease title.
Final lease expiries range from March 2024 to August 2026, providing an opportunity to redevelop once fully vacated.
The tenancies, which are within a 1950s building deemed in reasonable condition for its age, include a liquor store, beauty salon and vintage clothing store, as follows:
● A retail tenancy at 595 Beach Rd has just been leased to a beauty salon, Beau Visage Beauty Spa and Wellness, with the fit out about to commence. This 54.2sq m space has a kitchenette and benefits from a partitioned toilet at the rear, rather than having to use the shared amenities.
● The 56sq m tenancy at 597 Beach Rd is leased to the vintage clothing store, Lace, which has a changing room, kitchenette and work area.
● The 52.4sq m tenancy at 599 Beach Rd is tenanted by Wine Barrel.
New timber overlay flooring is provided throughout, with an internal cool store to the rear.
● The vacant title at 601 Beach Rd comprises a 244sq m site with a right of way, giving it an effective developable size of 180sq m.
All three tenancies have dual access from both the road front and the rear, while Lace and Wine Barrel share a freestanding amenity block at the back.
There would be potential for a new owner to boost their holding income by leasing this out land in the short term.
Chand describes the site as being well located within the Rothesay Bay shops.