’Trophy’ site listed for first time in 60 years in Central Coast tourism hotspot
/31 January 2024
Two shock listings have emerged in the beachside tourism hotspot in Terrigal.
One is in a ‘front row’ position on Terrigal Esplanade, on sale for the first time in more than 60 years, with tenants including a popular cocktail bar/restaurant and much loved lolly shop.
The other is the unfinished development site in the heart of the Terrigal CBD at 5-7 Church St.
The “rare opportunity” on the main drag, at 74 Terrigal Esplanade, has long term tenants Pocket Bar and Sweet Surprises with a three-bedroom apartment above.
The site is for sale for the first time in more than 60 years, described as “Terrigal’s exclusive front row position” and is owned by four brothers; Peter, George, Paul and Jim Vlandis.
McGrath Terrigal’s Jordan Bulmer said the brothers, who own businesses across The Entrance, Sydney and Terrigal, are aged in their 80s and 90s and “have decided to finally sell after all these years”.
“It’s just a phenomenal site, it’s one of the best trophy sites in Terrigal that I have sold in my career. Nothing ever comes up in the front row,” he said.
“We’ve had very strong interest, it has great development opportunity and is zoned for three levels.”
Mr Bulmer said interest had mainly come from people wanting to keep the commercial at the bottom and plan a residential development above.
The property will go to auction on February 17 with a price guide of $6.5m.
“It presents an exceptional investment opportunity, with arguably one of the best addresses on Terrigal’s vibrant Esplanade,” the listing states.
The property is on 305 sqm directly facing the beach and includes a three-bedroom apartment on the upper floor with oceanfront views.
Both commercial spaces are tenanted with options for lease extensions and there is also private parking.
The well-known construction site on Church St has had a long history dating back to 2011 when Gosford City Council approved a four storey development at the site.
Plans have changed over the years, with the owner increasing to five storeys before being unsuccessful in getting a sixth storey over the line when it was officially refused by the Land and Environment Court in 2023.
The site is being marketed by Stone Real Estate as a block of units including 30 rooms and 20 bathrooms.
The briefly worded listing says, “unique opportunity to acquire this partially completed blue chip development situated in Terrigal CBD 50m to the beach. For more information please call to discuss details and arrange for information memorandum”.
