A NEW tenant for the former home of Sofia’s restaurant on the Frankston Waterfront has been chosen. After an expression of interest process, Frankston councillors last week confirmed that Ecco would be offered the waterfront location. They will be presented with a 16-year lease to operate a restaurant.
Ecco Enterprises Group has established more than 60 cafes and restaurants statewide, including Code Black Coffee Roasters in Melbourne, No. 100 wine bar in Flinders Lane, Henry & Co, Ma Long Kitchen & Dumplings, and the Prince Alfred Hotel in Carlton. The first year of Ecco’s proposed lease will be rent-free after fit-out works are undertaken. The cost for the next 15 years will be $125,000 plus GST per annum, with a fixed annual increment of 3 percent. The motion agreed to by Frankston councillors last week read that the CEO will finalise the lease if no opposing submissions to the arrangement are made.
“A report prepared by council officers read “the current premises was constructed by the former head tenant in 2003. After 22 years, it now presents as tired and uninviting.” “Ten submissions were received in response to the EOI and thoroughly evaluated,” the report read. “The recommended tenant is Ecco Unit Trust (or their nominated entity), who has proposed a multi-venue offering, which includes a Mediterranean style dining experience with an outdoor bar, and a fish and chip shop.
“The proposed fit out will be undertaken and financed by the proposed tenant. A ‘rent free’ period whilst fit-out works take place, plus an additional ‘rent-free’ period of 12 months once the lease commences offsets council’s requirement to financially subsidise the commercial fit out which is conservatively estimated to cost between $3 and $4 million.”
First published in the Frankston Times – 25 February 2025