R etail N ews
Cusicks buy IGA East Gosford
York Street East Gosford The Cusick Family, who own the Elanora Hotel at East Gosford, have bought the East Gosford IGA Store and Liquor Shop. Formerly owned by David and Sandy Frazer and their family for some twenty years the supermarket and liquor store has an annual turnover of around $5 million. The purchase includes the freehold property and firmly cements the Cusicks as the major property owner in East Gosford with two significant land holdings. Commenting on the purchase Nicholas Cusick said they saw it as a solid business investment in a strong shopping strip. The Cusicks father, Malcolm, built the Elanora Hotel in 1968 after selling the Gosford Hotel which he built in 1932. The Elanora is managed by Damien
Michael, Damien and Nicholas Cusick Cusick while brother Nicholas is franchisee of the LJ Hooker real estate agency in East Gosford as well as Gosford. Commenting on the sale, Graham McMullens from Argyle Estates Business Brokers said, “from the time we listed the business we had multiple buyer. The Victoria Street shopping strip is undoubtedly the most successful shopping area on the Central Coast having seen a steady growth since the opening of the Bendigo Bank Branch in 2000. In fact the opening of the Bendigo Bank, an initiative of the East Gosford Chamber of Commerce, was the catalyst for the renewal of East Gosford. Up market cafes and coffee shops abound and along with fashion and homewares boutiques are now
attracting a new younger demographic with money in their pockets. Vacancies are few and when they do occur there is a ready demand by traders who see opportunities in the up market strip. The last months saw the opening of The Food Shop which is an extension of Ooomph Cafe which has operated for the past eight years from Gumtree Lane behind the main strip. Partners Andrew Mansfield and Adam Harrigan had the opportunity to take a shop directly opposite Ooomph giving them access to Victoria Street. The Food Shop now sells the range of organic foods giving more space for their coffee and cafe business. Also opening last month was Bonne Journee Patisserie by Helen Vassiliadis who learned her trade at Le Cordon Bleu Sydney.
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CENTRAL COAST BUSINESS REVIEW october 2013
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