A mixed commercial, residential and hospitality property in the heart of Mandurah CBD is for sale through Colliers International, offering the opportunity to add a significant attraction within metres of the waterfront.
The property, at 7 Mandurah Terrace Mandurah, comprises a 656sq m site and 1,063sq m building area. Balconies on each of the three levels offer sweeping views of the water and bridge.
Collies International Investment Services Executive Tim Scott said the partially leased property offered the opportunity for an owner occupier to take a prime spot on the estuary, while benefitting from an annual income of $199,000.
Alternatively, an investor could take advantage of the location to attract new hospitality or entertainment operators to the area.
The ground floor of the venue is already leased to Spur Steak Ranch Restaurant, on a five year lease with a five year option, not due to expire until 2019. Upstairs are two spacious two-bedroom apartments and a floor suitable for a hospitality or entertainment venue, but there may be options in extending the net lettable area for additional uses.
“This is possibly the best located property in Mandurah, with good foot traffic and access as well as views forever,” Mr Scott said.
“The property is a high exposure location, has flexible zoning, and is in an established precinct that continues to attract visitors, workers and locals.”
The property’s zoning allows for retail, residential, community, cultural, dining and entertainment uses, with a preferred use as a hospitality or entertainment venue. With potential subject to approval for extending area on the higher floors, the site could become home to Mandurah’s first rooftop bar.
Mr Scott said Mandurah was continuing its resurgence, with the State Government recently announcing a $50 million upgrade to the Old Mandurah Bridge and enhancement of fishing and pedestrian facilities in the immediate area.
“This is a location that will only grow in attractiveness as the residential and tourist numbers climb,” Mr Scott said.
“This property is an excellent opportunity to buy a flexible property with multiple uses in an emerging market.”