A freehold site playing host to a butcher shop, which has served Sydney’s eastern suburbs community since 1910, has hit the market for the first time in half a century.
Located at 46-48 Macpherson Street, Bronte, the prime 398sqm corner site is being offered to the market for the first time in 48 years.
The freehold property of the much-loved local institution, Lucas Quality Meats, is set for auction this month after owner David Lucas made the tough decision to sell the site after rising overheads were diminishing his return on investment.
The current plan is for the business to lease it back.
Lucas Quality Meats has been a Bronte icon for nearly 50 years. Picture: realcommercial.com.au
Lucas Quality Meats was established in 1963, with Mr Lucas’ father, the late Leo Lucas, running the business before David took over 25 years ago.
“We bought this in 1978 – it’s been a butcher shop since 1910 so it’s always, always been a butcher shop,” Mr Lucas said.
“I’m making a decision at 58-years-old, to say, ‘I don’t want to do this into my 60s’.
“I’m still doing 50 hours a week work.”
When Lucas Quality Meats began it was a two man retail venture. Today, it has a staff of 15 and Mr Lucas said it was the community that he will most miss.
“I am mad for the chat. I run into someone every time I walk outside the door that I know,” he said.
“You walk in the shop and customers come in, I know them. I know their dad, I know their kids – that’s what I’ll miss.
“Lucky I live down the road. This has been what it’s like the 48 years I have been here.”
The building has a history dating back to 1910 and is being offered for sale for the first time in around 50 years. Picture: realcommercial.com.au
Known for its speciality bacon and hams, retail makes up only 10% of the business.
With a long list of wholesale customers, including food service companies, cafes and restaurants and schools, Mr Lucas said he and his son hoped to continue the wholesale business side after he closes the shop’s doors.
Mr Lucas said “giving back” to the community has been important to Lucas Quality Meats.
“We were really big on it, and it’s so important, and this is what’s going to be lost when businesses like this go,” he said.
“All the football clubs and surfing clubs, all the schools, we donate all the time. We always were very generous when donating.”
Lucas Meats has grown from a two person operation to employ a team of 15 today. Picture: realcommercial.com.au
Advertised as offering “exceptional versatility” with its commercial and residential components, the premises includes a courtyard, and four on-site parking spaces.
The prime corner site spans two levels with 298sqm of floor space.
Part of a tightly held precinct located just a stone’s throw from the popular Bronte Beach, the listing is being marketed by CBRE.
CBRE director Geoff Sinclair said freehold commercial opportunities in Bronte rarely ever come to market.
“This site presents an extremely unique opportunity to secure an iconic Macpherson Street corner landholding offering significant value-add and growth potential,” he said.
“The site is ideally located minutes to Bronte Beach within a highly coveted coastal location. It is hard enough to secure residential freehold in Bronte, let alone premium commercial assets.
“Whether you’re looking at a multi-generational land bank or exploring repositioning possibilities, this property offers genuine scope.”
Lucas Meats is on a prime-rib corner location in Bronte. Picture: realcommercial.com.au
CBRE senior director Yosh Mendis said the offering was a rare chance to secure a foothold within one of Australia’s most prestigious coastal communities.
“Currently generating a current holding net income of $229,600 per annum, the property presents multiple pathways for astute investors, owner-occupiers, and developers alike,” he said.
The property is set for auction at CBRE’s Investment Portfolio Auction at the Sydney Opera House on Tuesday, February 24 at 10:30am.