Bambusa restaurant sale in Manuka a rare investment opportunity

You’ll often hear agents talk about properties being in “tightly held” locations to underscore the rarity of particular opportunities.

Nowhere is this claim more of a reality, a truism, than within the prestigious Manuka shopping precinct.

In his nine years with LJ Hooker Commercial, Canberra, this is the first time that agent, Lachlan Fitzpatrick, has been able to offer a Manuka shopfront property for sale.

“Owners recognise the long-term value and security these properties offer and they tend to hang onto them, often keeping them in the family,” he says.

“”This is an incredibly rare opportunity.”

The property with one frontage on the main shopping strip of Franklin Street currently houses the Bambusa restaurant in a space of some 186 square metres.

On the other side of the building, fronting on to Palmerston Lane is the Chomolungma Nepali restaurant with about 160 square metres.

Other features include extensive glass shopfronts, signage, grease trap, three phase power and internal amenities.

• Related: Historic office Manuka on market
• Related: Canberra’s office high performers
• Related: Gungahlin waterfront workspace and home package

Both longstanding tenants are on five by five year leases and deliver net income of nearly $130,000 per annum after recovering outgoings.

The property, on a 286-square-metre block, is across the road from the Capitol Cinemas and a stone’s throw from both Manuka Plaza and Manuka Oval.

Nearby businesses include Coles, the big four banks, Vintage Cellars, Priceline Pharmacy, Subway, Zambrero, Witchery, McDonald’s, Flight Centre, Grill’d, Urban Pantry, Ona Coffee, and the Public Bar.

Fitzpatrick says astute investors should move quickly.

“Manuka is, arguably, Canberra’s premier boutique retail and restaurant precinct – it is constantly busy with a high volume of foot traffic,” he says.

“Its patrons are predominantly drawn from the neighbouring inner-south suburbs that are characterised by high disposable incomes.”

The agent says a premium location and demographic evidence underscore the stability and long-term value in a commercial Manuka investment.

“We’re already seeing interest from a range of potential buyers,” he says.

“It’s certainly appealing to superannuation funds, SMSFs, and repeat investors with, say, 10 or so properties in their portfolios.”

The property will go to auction, onsite, on August 5 at 10.30am and Fitzpatrick is expecting a price north of $2 million.

“We expect bidding to be extremely competitive as experienced investors will recognise the value of an acquisition like this,” he says.

“It might be another nine years before they see something like it again.”

Inspect: Contact agents, Lachlan Fitzpatrick, Mark Thompson, LJ Hooker Commercial – Canberra 0411 374 432, 0438 624 042