Agreement reached for Yacht Club lease

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Picture: Yanni

AN in-principle agreement has been reached to lease out land on the bottom floor of the troubled Frankston Yacht Club building for use as a restaurant.

Frankston Council and J.B. Pakenham Pty Ltd have reached an agreement to lease space on the ground level as well as a portion of the external deck.

Frankston mayor Michael O’Reilly said “council has published its notice of intention to lease land, to enter into a lease with J.B. Pakenham Pty Ltd in the ground level café space of the Frankston Yacht Club building, including a portion of the external deck, located on the Frankston Foreshore Reserve. An in-principle agreement has been reached between council and J.B. Pakenham Pty Ltd in relation to the proposed lease, and the formal statutory process is now underway.”

“Council welcomes feedback from the community on the proposed lease until 17 June 2019. Council is looking forward to the Frankston Yacht Club becoming an awesome foreshore attraction,” he said.

The Yacht Club building has a troubled history, with council having poured upwards of $11 million into works on the building. Outside of hosting the club, it has mainly sat vacant since opening in 2016 (“More cash splashed at Yacht Club”, The Times, 23/10/17).

The proposed lease is now open for community feedback, which can be emailed to info@frankston.vic.gov.au

The terms for the “licensed restaurant/cafe” lease are a $40,000 per annum base rent following a 3 month rent free period. The lease is for six years with “three further terms of five years each”. A council contribution to fit out of up to $60,000 has been included in the terms, with maintenance to be the responsibility of the lessee.

First published in the Frankston Times – 27 May 2019

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