Parramatta Road still stopping investor traffic
A multi-tenanted Parramatta Road building with development potential has sold for $2 million on an exceptionally tight yield of approximately 2.5%.
Set across 313sqm in Annandale, the property’s three tenancies – a stylishly fitted out retail shopfront, a three-bedroom apartment, and a double level office space with rear lane access – are all leased on month-to-month agreements.
LJ Hooker Commercial Sydney Director and selling agent Steve Kruyer said inner-city Parramatta Road properties remained in high demand, especially with multi-use tenancies.
“In the case of 159 Parramatta Road, the property is tenanted by a well-known dress designer which is part of the couture strip; a professional service business and residential tenants who sought-out the amenity and convenience of working and living in the area,” said Mr Kruyer.
“Rather than the month-to-month tenancy agreements acting as a deterrent during the marketing campaign, it generated a lot of interest from developers who recognised the tremendous opportunity offered on the site. There’s significant scope to create additional income on the site, and that was reflected in the tight yield at exchange.”
The site sits within the B2 – Local Centre zoning and is only 800 metres from Stanmore train station.
Mr Kruyer said he had a pipeline of investors seeking out fully and part-tenanted retail and office assets along Parramatta Road. If you’re interested in finding out how your property is positioned in the marketplace, contact him today on 0414 404 070 or firstname.lastname@example.org.
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