October 16, 2019

Buyers circle on celebrity favourite

The ferry wharf.

 

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Point blank view — the Cottage Point Inn.Source:Supplied

After some seven years on and off the market, the Cottage Point Inn could be close to finding a new owner.

The high-end waterfront restaurant on Pittwater has been made famous by the many celebrities and royals who have dined there, and usually arrived in style by seaplane. The property is also accessible by boat and road.

It was the scene of a media frenzy in June 2017, when Pippa Middleton, sister of the Duchess of Cambridge, and her new husband James Matthews dined there while visiting Sydney on their honeymoon.

Pippa Middleton and husband James Matthews leaving Cottage Point Inn after lunch.

Pippa Middleton and husband James Matthews leaving Cottage Point Inn after lunch.Source:News Corp Australia

Pippa Middleton prepares to board a sea plane at Cottage Point Inn.

Pippa Middleton prepares to board a sea plane at Cottage Point Inn.Source:News Corp Australia

Orlando Bloom has eaten at the Cottage Point Inn.

Orlando Bloom has eaten at the Cottage Point Inn.Source:Getty Images

Other high-profile diners include actors Orlando Bloom, Jerry Seinfeld, Brad Pitt and Cuba Gooding who visited the Cottage Point Inn for lunch last year.

The restaurant, which also has accommodation, is a landmark on the western foreshores of Pittwater and was originally a boatshed and general store. It was converted to a restaurant in the 1970s.

Pictured at Sydney Seaplanes at Rose Bay in Sydney is American actor Cuba Gooding Jr, after he flew in from Cottage Point.

Pictured at Sydney Seaplanes at Rose Bay in Sydney is American actor Cuba Gooding Jr, after he flew in from Cottage Point.Source:News Corp Australia

Jerry Seinfeld has eaten at the Cottage Point Inn.

Jerry Seinfeld has eaten at the Cottage Point Inn.Source:AFP

The picturesque location on Pittwater.

The picturesque location on Pittwater.Source:News Corp Australia

The buildings for sale include the restaurant premises, but not the business, plus two self-contained apartments, and a 750sqm block of land with cottage that is rented out.

The restaurant owners have a lease until June this year, with a five-year option. Kevin

Whelan, of LJ Hooker Commercial Sydney/North Sydney, said the restaurant owners wanted to take advantage of this option and extend it for another five years if possible.

“The restaurant does well — they would like to hunker down and get on with business,” he said.

The property is offered freehold but there is a license agreement with National Parks and Wildlife services for the use of the land that sits over the high-water mark. There is a floating deepwater pontoon for a seaplane and large boats

It has an annual net rental of $250,325.15 (excluding GST). The total land size of the property over two titles is 1772sqm.

Perfect for sunsets.

Perfect for sunsets.Source:Supplied

The floating pontoon.

The floating pontoon.Source:Supplied

The ferry wharf.

The ferry wharf.Source:Supplied

Mr Whelan said the owner of the property, who is 92, had indicated he was very motivated to sell the property.

The property has a price guide of $4.5 million-$5 million on it, and not surprisingly, this has attracted a few serious buyers, he said.

Among them were investors and a buyer who was looking to develop the site down the track.

“We’re now just waiting to see who’s going to come over the line,” he said.

“We’ve had strong buyers and we’ve lots buyers because of finance (difficulties) and we’ve lost buyers because of FIRB (Foreign Investment Review Board) interference and now we’re dealing with local buyers who don’t have those restrictions.

“I think this is the time for the property to sell — it would have to be the pick of all the land in Cottage Point.”

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