NewQuay Iconic Waterfront Building Sold

MAB Corporation has recently sold the two story glass building that trades as Berth Restaurant and Bar situated on the waterfront of NewQuay Promenade.

MAB Corporation owns many of retail properties and continues to manage these ongoing leases in the NewQuay precinct.

Speaking with David Hall, COO of MAB Corporation, 3008 confirmed that the stunning, glass, two-storey building had been sold for $5.5m. It had been decided that the property had positioned itself as an iconic retail establishment in the precinct, was securely tenanted with a long term lease and ongoing lease options and was clearly sale–ready.

MAB Corporation explored interest in the market through an auction campaign and found the response extremely positive.

An auction was held on March 19th and the property was sold to an undisclosed buyer shortly after auction.

MAB Corporation also advised the sale of the Berth building is not related to any future or impending decisions to sell off more property in the area at this time.