The home of established Mosman restaurant Basil Nut will go to auction next week.
CBRE’s Jason Lowry, Nicholas Heaton and Toby Silk have been appointed to sell the 928 Military Road, Mosman, property on behalf of Richard Lingard.
With 54sqm on title, the restaurant is considered a local institution, having operated in the area for over 10 years and with patrons usually having to wait for a seat during peak hours.
The property is being sold with over six years remaining on the current lease, providing potential owners with a strong income-generating investment.
“Compared to current bank term deposit rates at less than 1.3%, a tenanted investment such as this with a core following, strong location and built-in rental growth has a lot of appeal,” Mr Silk commented.
“This property is the perfect offering for an investor looking to take advantage of traditional bricks and mortar real estate coupled with the growing online delivery market. The restaurant is full every night and the online delivery is booming.”
Basil Nut currently offers a delivery service through Menulog, presenting further growth opportunities through future partnerships with other online delivery apps such as Deliveroo and Uber Eats.
“As a long-term resident of Mosman, I have been a loyal customer of Basil Nut since they opened and each time I visit the restaurant they are at full capacity with a waiting list. It’s exciting to bring a property to market that I have such a long history with,” Mr Lowry noted.
“It’s a great opportunity for a self-managed super fund or mum and dad set-and-forget investor. The income stream is sound and there is plenty of rental growth to come. The paradox of these fast-changing times is that it’s often the most local of offerings, such as Basil Nut, that generate the most global appeal.”
Basil Nut, 928 Military Road, Mosman will be sold by auction on Tuesday 26 November at AuctionWorks on Margaret Street, Sydney.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
