East Bank restaurant precinct put on the market

The East Bank restaurant precinct. Photo: Megan Dunn
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Local vendors Astina Group Holdings and CBG Holdings have listed one of the most well-known retail assets in the Penrith region for sale.

The multi-tenanted hub at 78-88 Tench Avenue, Jamisontown, occupies a 33,391sqm site opposite the Nepean River and offers development potential.

The nine tenancies are headlined by The Coffee Club, Goji Modern Asian Cuisine, Lone Star, and Maldini’s By The River.

CBRE’s John Micallef and Alex Mirzaian have been appointed to market Tench Avenue, with Expressions of Interest closing on November 15.

“The long lease profile and the fact this building is multi-tenanted makes this a defensive asset, located in a growth region,” Mr Micallef said.

“The site also includes expansion land of 10,850sqm offering the ability to add value, subject to council planning approvals.”

The site comes to market following the sale of a nearby Jamisontown asset at 62-72 Batt Street to a private high-net-worth family, in a transaction reflecting a net yield of 4.6 per cent.

The property is home to Zone Bowling, Flip Out Penrith, Yo Loco, Frango Charcoal Chicken and Al Aseel. John Micallef and Alex Mirzaian negotiated the sale.

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