Colliers International selling Newcastle’s best beach front asset.
Colliers International are selling 5 Henderson Parade, Merewether, presenting a once in a generation opportunity to secure one of Australia’s trophy beachfront assets.
The iconic building is located on Merewether Beach, a national surfing reserve, approximately four kilometres south of Newcastle’s CBD and is comprised of a three-level facility, offering a diverse range of hospitality experiences, including cafes, a function centre, restaurant and bar.
With uninterrupted views of Newcastle’s coastline, Merewether Surf House provides a world class community, tourism and recreational facility to the broader community of Newcastle and its visitors.
This investment opportunity is fully leased until 2036 (with a further 25 year option) with a net income of approximately $909,950, with excellent depreciation benefits.
“We are delighted to be appointed as marketing agents on such a significant property as the fundamentals of this asset are unlike any other, particularly with regard to the 19-year term certain remaining on the lease,” said Adam Leacy, Director at Colliers International Newcastle who is selling the asset with Chris Chapman also of Colliers International Newcastle.
“The tenant and hospitality operator, the Green family, have a rich history in hospitality in Sydney and following their success at Surf House are progressively expanding their operations in Newcastle. This is arguably one of the best beachfront assets located on the eastern seaboard and will encourage enquiry from a local, national and international audience.”
Keith Stronach who, together with a syndicate of local Merewether residents own the asset said “‘We are extremely proud of having developed this landmark asset, delivering a unique hospitality offering to the local community and holding it for the past six years.”
“It’s been an exciting journey starting from the initial ‘idea’ phase through to development and delivery of the project with an experienced operator taking the building and its offerings to the next level.”
5 Henderson Parade, Merewether is being sold via Expressions of Interest closing 12pm Friday 15 December 2017.