Bathurst's Acropole building for sale

The famous Acropole Restaurant building at 68 William Street occupies one of the best real estate positions in the city.

Con Tastzidis of CST Properties, which is managing the sale of the property, said it is on the market for $1.85 million after being passed in.

He said the building is an ideal investment in a prime location with great opportunities to increase future returns.

The freehold property has a building area of around 550 square metres and a land area of around 286.8 square metres, with the ground floor consisting of the Acropole Restaurant which has been trading at the same premises since 1958. 

Mr Tastzidis said the restaurant is on a current 5 x 5 x 5 year lease which began on December 2, 2014. He said the first floor is  vacant, except for one room leased to a restaurant for storage, and consists of eight rooms and two bathrooms.

Mr Tastzidis said the area could be reconfigured to suit personal or investment accommodation needs. 

He said that subject to council approval it could be refurbished as a CBD penthouse. 

“Taking all the above rooms plus the ground floor restaurant rent into account the income achieved from full occupancy could be estimated to be between $110,000 and $118,500 a year,” he said.

The property has already attracted interest from Sydney and Bathurst-based investors.

“It is literally the best position in Bathurst, in the main street on the west corner, and the restaurant has been there since 1958,” Mr Tastzidis said.

He said the building would be an ideal long-term investment, and the fact it is in Bathurst, a strong regional and expanding area with good access and around three hours from Sydney, had generated a lot of interest.

Mr Tastzidis said it was interesting that at the same Sydney auction a smaller building in the Sydney suburb of Burwood (not on a corner location) with a current rental of around $110,000 a year, sold under the hammer for $5,510,000, after spirited bidding.