Woolloomooloo restaurant premises Kingsley's up for sale
A restaurant investment opportunity has opened up in Sydney’s Woolloomooloo, with the premises of ‘Kingsley’s’ on the famous Cowper Wharf being listed for sale.
The restaurant’s appeal lies in its waterfront location and being part of an established dining precinct.
The buyer of Lot 8 will be securing as tenants, Kingsley’s which has a new 10-year lease with an option for a further 10 years. It has annual CPI rent reviews and additional percentage rent potential.
The property generates a net operating income of $750,000 pa plus percentage rent forecast of $124,000 pa.
Kingsley’s is owned by leading F&B company, the Melbourne-based Dixon Hospitality, which acquired it late last year.
The property is being sold through expressions of interest closing March 22.
Lot 8 comprises indoor seating for 120 patrons and covered outdoor seating for 100 patrons. The tenancy extends over two levels (including a mezzanine level).
The listing agents are Carl Molony, Philip Garland and William Blanch of Stonebridge Property Group.
Property Observer wrote of the 2012 sale to a global fund manager.
