Two adjacent terraces in Sydney’s picturesque McMahons Point have sold to a private investor for $6.2 million - following a competitive auction.
Located at 133-135 Blues Point Road, the two-level 1890’s full brick terraces comprise approximately 461sqm of lettable area, including ground floor retail and separate first floor office space. The property, which underwent a significant refurbishment in 2009, is positioned in one of Sydney’s most prestigious suburbs – within 650 metres of North Sydney train station and 300 metres of Sydney harbour.
The site was sold with existing leases to three established local businesses, including renowned restaurant Olivo on Blue which has been in operation for over 35 years. The tenancies offer a WALE of 2.8 years and net income of $289,672.
Aaron McLean and Toby Silk of CBRE negotiated the sale via a public auction, which received heated competition from six bidders.
Mr McLean said the strong sales result is evidence of the confidence investors have in the Lower North Shore market, with the sales campaign receiving over 100 enquires.
“This represents a net yield of 4.65%, a positive result which was underpinned by the current buyer confidence in the North Sydney investment market.”
“The consistent interest received was underpinned by the site’s prominent positioning within the Blues Point Road restaurant precinct and the three strong tenancies in place, which made this an ideal opportunity for astute investors,” Mr McLean said.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.