East Pizza building in Kingston with 11-year lease on the market

Who hasn’t enjoyed a stroll along Kingston Foreshore and checked out the menus of its many popular restaurants, that lucky few who enjoy that rare Canberra benefit – a waterfront location?

While those may consider themselves destination venues, there’s another that has made a name for itself on the Eastlake Parade side and the views here are more of the mouth-watering kind.

East Pizza is a standout hospitality operator, well known to Kingston Foreshore’s locals and beyond.

The 40-square-metre property is fitted with over $350,000 worth of purpose-built equipment, including an imported pizza oven and customised workspaces.

Guy Randell of Burgess Rawson says commercial space is tightly held around the Kingston Foreshore and the takeaway would appeal to an investor.

“It has a secure 11-year lease with options that extend to 2039 and that lease is packed with a 4 per cent annual increase,” he says.

“And it’s tenanted by an iconic Canberra pizza operator with more than 14 years of hospitality and business experience.”

The site also includes 11 square metres of outdoor dining and a car bay.

Outgoings are paid by the tenant and the property delivers a net income of $37,440 per annum plus GST. Another buyer advantage is stamp duty exemption.

The property will be auctioned at Doltone House, Hyde Park, Sydney on October 31 at 11am.

Kingston

145/41 Eastlake Parade

Price guide: $625,000

Auction: 11am, October 31 (Sydney)

Agent: Burgess Rawson, Guy Randell 0430 272 999