Refurbished Hawthorne heritage investment sold for $2.7m

A 100-year-old renovated Queenslander near Hawthorne’s popular cinema and dining precinct has been sold for $2.7 million by Ray White Commercial TradeCoast.

The newly refurbished fully leased investment has award-winning seafood restaurant The Fishmonger’s Wife and Petrichor Day Spa as tenants.

Agents Jonathon Jones and Joshua Jones sold the freestanding property at 48 Orchard Road to a private investor on behalf of ASX-listed company Velocity Property Group.

The ground floor of the colonial-style building consists of 146.73sqm retail, restaurant and office space, plus an alfresco-balcony area.

The first floor has 147.32sqm of office, retail and medical space and a 54.88sqm balcony. The net lettable area is 265sqm and the land size is 405sqm.

“The property is situated only 100m from the boutique Cineplex cinema, 1.4km from the popular Oxford Street retail precinct and opposite the iconic Hawthorne Garage,” Jonathon Jones says.

Ray White Commercial TradeCoast also brokered both leasing agreements, which commenced in February 2017.

The Fishmonger’s Wife, which has won national accolades for its fish and chips, is on a 10-year lease. Organic health and wellness business Petrichor Day Spa has a three-year lease.

“The relocation last year of the 15-year-old restaurant business has enabled it to introduce a private dining and function room for the first time in addition to its licensed cafe and takeaway offering,” Mr Jones says.

“The day spa was started by a registered nurse and midwife with many years of experience in the health and wellness industry.”

The combined net rental income is $170,000 per annum. The property was sold by private treaty and the deal was finalised in November 2017.

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