Northern beaches trophy sites to be served up at auction
Investors interested in buying northern beaches commercial property have the choice of two key sites being auctioned on the same day, both with high-profile long-lease tenants.
A cancer centre on the whole floor of a Frenchs Forest commercial building with an income of $415,580 per annum plus GST is being offered for sale on Tuesday, April 2 and at the same auction event a trophy site in Manly, on East Esplanade, with an annual income of $213,000 plus GST is also up for grabs.
Michael Gilbert, of Burgess Rawson, says both sites are landmarks and interest is expected to be high.
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The Frenchs Forest site is at 1/49 Frenchs Forest Rd, a whole floor of 575sqm in the modern building tenanted by the Northern Cancer Institute.
Gilbert says the building is within Sydney’s newest and fastest-growing medical location 400m from the Northern Beaches Hospital with a lease going to 2023 plus an option to extend to 2035.
The entire first floor of 49 Frenchs Forest Rd, Frenchs Forest is for sale to an investor and is leased to a cancer clinic.
“This is a very rare class 9a building allowing use as a day hospital,” he says.
“There is a booming local economy underpinned by strong population growth.”
The rent is also subject to 4% annual increases.
Simon Staddon, of Burgess Rawson, says anything medical is highly favoured by investors because of an ageing population.
“Frenchs Forest is highly sought after especially after the opening of the new hospital and we have marketed this site nationally,” he says.
“We are confidant it will sell on the day, there are a number of contracts out.”
The second commercial property is the 4 Pines Brewery and bar at 43-45 East Esplanade, Manly with a 10-year lease to the world’s largest beer company Anheuser-Busch InBev.
The Four Pines Brewery has a world-class site overlooking the wharf.
Gilbert says the whole floor on the first level of the building overlooks the wharf and harbour and is one of Sydney’s most desirable locations.
“The in-house microbrewery and restaurant is busy everyday,” he says.
“This is a trophy investment in an irreplaceable tourist and nightlife destination,” he said.
Meanwhile in Manly the iconic Hotel Steyne on the beach is also looking for a new owner.
According to realcommercial.com.au there are currently 127 commercial sites for sale on the northern beaches especially in Dee Why and Mona Vale.
This article from the Manly Daily originally appeared as “Two trophy investments on the northern beaches auctioning”.
