Australia’s leading puzzle and magazine publishing company, Lovatts Media Group has purchased the ground floor and second floor spaces totalling about 950 sqm in the Aria Terrigal building, 100 Terrigal Esplanade, Terrigal overlooking Terrigal Beach.
The purchase price of around $6 million includes 197 sqm of the ground floor space plus a further 48 sqm of outside dining area which is tenanted to Thaiger Temple Restaurant on a 10 year lease with 2 x 5 year options at a rental of $155,000 per annum plus Outgoings and GST commencing from July 2014.
Brent Pilkington from ACCOM Property Sales Terrigal negotiated the sale.
Lovatts plan to occupy the premises with their 46 staff from early 2018 relocating from the Gateway Building in Gosford where they have been for the last 20 years.
Lovatts originally started in business in Terrigal forty years ago.
Aria was built by property developer Dino Seraglio in 2013 and Unit 3 of 601 sqm on the top level was sold in August 2014 for $3.7 million which is occupied as a residence.
Mr Seraglio is currently developing a residential unit complex behind Aria in Painters Lane.