Investor Pops the Cork on Central Coast Bottle Shop
An Avoca Beach shopfront tenanted by BWS on a long-term lease has changed hands through a campaign managed by LJ Hooker Commercial Central Coast.
The 151sqm property, part of a small neighbourhood centre fronting Avoca Drive – the coastal hamlet’s main thoroughfare – sold for $1.425m, representing an approximate net yield of 5.2%.
Selling agents Ty Blanch and Rio Williams said the campaign received interest from both locals and Sydney-based investors who recognised the combination of the property’s premium location – only 100m to the suburb’s famed beach – and a long-term lease.
The tenant has enjoyed nine years at the site and its lease options extend until 2036.
"Well-positioned retail assets, especially at the southern end of the Coast, with national tenants have very rarely come to market over the last couple of years,” said Mr Blanch.
“Liquor retailers became prized tenants, overnight, during the pandemic and they’ve continued be sought-after while many other retailers have struggled amidst the rise of online spending.”
Ms Williams said commercial assets within Avoca Beach were tightly held.
“Being located at the entry to Avoca Beach, the retail asset benefits from a high volume of passing traffic in the community,” said Ms Williams.
“With a B2 local centre zoning, the new owner has secured an investment with a good income stream, quality tenant and long-term flexibility and upside in a location that’s a three-minute walk to the sand.”
Visit centralcoast.ljhcommercial.com.au for more information.