Burleigh Beach Pavilion is on the market
Located on the Gold Coast, Burleigh Beach Pavilion is officially on the market.
The site is home to the popular Oskars Restaurant, a fresh seafood fine diner that’s been in operation for 33 years, and is located on Goodwin Terrace, fronting Burleigh Point.
It comprises a total 2,008sqm of lettable space and is being sold under an expressions of interest campaign. A 311sqm tenancy in the building has been left vacant, allowing a potential purchaser to be an owner occupier while also adding their own restaurant to the site, or alternatively, lease the space to another operator.
Marketing agent James Branch of Knight Frank said Oskars will be complemented by a new direct beachfront a la carte restaurant which will be announced in the coming weeks, joining existing tenants Nook Espresso Bar and long-term tenant Rickley's Swimming School.
The Pavilion has recently undergone a major refurbishment with the vendor spending more than $1.8 million and saw the faade, amenities and entry to the building upgraded, and a lift installed to improve access.
"The property is currently 75 percent let and has a net income of $1.09 million when fully leased, so it has the potential to deliver both profile and profit to the new owner, who I anticipate could be anyone from a local owner-operator through to an investor from the southern states or offshore,” said Knight Frank agent Mark Witheriff.
He likened the location of Burleigh Beach Pavilion to Sydney’s Icebergs Restaurant in Bondi.
"This is one of Australia's most exciting beachfront commercial investment opportunities – particularly when you consider the Gold Coast's current retail and dining landscape and the fact that there are absolutely no other commercial venues of this kind that enjoy this level of absolute beachfront exposure," he said.
"It's an ideal opportunity for those who want to tap into the Gold Coast's growing culinary culture, which is being led by a cohort of popular establishments in and around Burleigh Heads.”