Balmoral Boatshed sells to another Mosman family
The Balmoral Boatshed, a residential and commercial leasehold property on the Middle Harbour foreshore at Mosman, has been sold by the accountant John Bennett.
More than $5 million was being sought through its Richardson & Wrench Mosman selling agent Robert Simeon.
The leasehold will be transferred to another local Mosman family.
Bennett bought the leasehold of the property in 1995 when it was the rundown Walton's Boatshed. It had previously sold in boomtime 1987 at $1.1 million. It was rebuilt around 2005 with a beachside café downstairs and a 200-square-metre three-bedroom apartment upstairs.
The sale of the lease, which has 15 years left to run, includes the apartment, the cafe, a boat hire and tender service as well as management rights for 56 moorings.
In the 2010-11 financial year, the mooring business generated a gross income of $285,000, and the cafe business grossed about $900,000.
“It’s had a long history dating from the 1930s,” Simeon says.
