An oceanfront Scarborough property that is leased to popular restaurant ‘The Wild Fig’ has been listed for sale through Colliers International.
The strata unit at Lot 80, 190 The Esplanade, overlooks the recently completed upgrade that has restored Scarborough Beach to one of Perth’s premier, year-around coastal destinations and will be sold by Colliers International’s Tim Scott and Tory Packer.
The 395sqm property includes the 323sqm ground-floor retail tenancy, five car bays and access to an additional storage space.
The lease to ‘The Wild Fig’, an established restaurant catering for all-day dining at Scarborough’s beachfront, runs until 2025 with a further 10-year option.
“This property occupies a prime site at Scarborough Beach where a $100 million upgrade that was funded by the State Government and the City of Stirling is partially completed,” Mr Scott said.
“Featuring a new beach pool, landscaping, shaded seating areas and beach facilities, Scarborough Beach is now right up there with Australia’s best coastal destinations and we are expecting strong demand to invest in a well-leased commercial property that is embedded in this family-friendly precinct."
The redevelopment takes in a 1.6 kilometre stretch of Scarborough’s foreshore and when finished, will also include a skate bowl, a family playground and a surf lifesaving club.
With consumers opting to eat out more, Ms Packer said the sales market in Perth for food and beverage based property remained strong compared with other asset classes.
“Ideally, buyers look for good exposure to pedestrians and car traffic and also the strength of existing tenants,” Ms Packer said.
“Now that Scarborough has reclaimed its title as Perth’s most popular coastal precinct, and with the added attraction of its tourism drawcard, this Scarborough property meets the investment checklist.
“The reputation of the tenant and the length of the lease will also add to the appeal."
Offers to purchase Lot 80, 190 The Esplanade, Scarborough, close on July 6.