Commercial property leased to Nuns' Pool restaurant at Shelly Beach fetches $3M at auction

The price expectation was spot on when a commercial property housing the well-known restaurant The Nuns' Pool went to auction.

The property opposite Shelly Beach, Cronulla was purchased by an investor for $3 million - the figure suggested in the Leader's preview report.

The lease to the restaurant, which runs for another three years with an option of a further five years to 2029, was a big marketing and sales tool for Ray White Commercial Greater South Sydney director Brad Lord.

Mr Lord said there was "a great turnout of around 30-40 people" for the onsite auction on April 15.

"The twilight setting was set with champagne and canapes on arrival for all attendees with some notable shire locals in attendance," he said.

"There were five interested parties in attendance with three parties actively bidding.

"Bidding started low at $2.2 million and went up in $100,000 increments.

"It was sold to a local investor as an addition to their existing portfolio. It reflected a 4.25 per cent yield on the quoted net income and is consistent with strong demand from investors as cash rates remain at record lows."

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