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.
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.
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.
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.”