Former Chinese Restaurant Site Sold

Former Chinese Restaurant Site Sold

The site of a former Chinese restaurant at Tewantin on the Sunshine Coast has been sold by Ray White Commercial Noosa & Sunshine Coast North.

The vacant 86 sqm property at Shop 12, 113 Poinciana Avenue, Tewantin, was sold to a local investor for $220,000 by John Petralia of Ray White Commercial Noosa & Sunshine Coast North on behalf of the retiring owners of the restaurant.

John Petralia said after more than 30 years’ operating their Chinese restaurant from this site, the owners decided to retire and move to Brisbane to be closer to family.

“This property was listed for lease and sale as there is high demand for tenanted investments,” John Petralia said.

“But the vendors did not want to go through the leasing process, so we attempted to find a tenant and buyer who could agree on lease and sale terms. There were numerous enquiries from potential tenants and buyers and while negotiations were continuing a local investor who had viewed the property earlier in the year put in an offer and price and terms were agreed later.”

John Petralia said the new owner is looking to potentially split the tenancy.

“The current dining area may be converted to an office configuration due to its water views and natural light,” he said.

“The kitchen area will be closed off from this and offered for lease as a commercial kitchen.  The kitchen area has its own entrance and is fully fitted out with an exhaust fan, cooking equipment, cold room and grease trap access.”