Investors set to pounce when rare Narrabeen asset goes to auction in May

Media release - Narrabeen, NSW (8 May, 2017)

Investors set to pounce when rare Narrabeen asset goes to auction in May

  • A rare shop and renovated beach residence located on busy Pittwater Road at Narrabeen will be auctioned on Thursday 25 May
  • There is a price guide above $2 million and it is expected to attract an array of investors given the commercial tenant has signed a 5+5+5 lease and the residential tenant has agreed to a regulation residential agreement
  • The mixed-use property is producing a total annual net rent of $114,000 plus GST

Narrabeen, NSW (8 May, 2017) – A rare shop and residence located on busy Pittwater Road Narrabeen in Sydney’s Northern Beaches will be auctioned on Thursday 25 May.

The property, which is located at 1340 Pittwater Road, Narrabeen, has been listed for sale exclusively by Vincent West from leading commercial real estate firm, Raine & Horne Commercial Northern Beaches. 

“Commercial mixed-use assets in this region don’t come up for sale very often, which is adding to the investor appeal of this property,” said selling agent, Vincent West, Co-Principal of Raine & Horne Commercial Northern Beaches, who confirms the property auction has a price guide above $2 million.

“Only a handful of these mixed use opportunities present themselves every year on the Northern Beaches.

“When investors secure a shop and residence, they usually retain them for the longer-term because of their generous mix of growth and yield returns.”

Already astute investors have identified this is a rare opportunity, given the property is fully tenanted and generating healthy returns, according to Mr West.

The ground floor shop is occupied by a long-term commercial tenant, Narrabeen Newsagency, which has recently signed a 5+5+5 lease. The first floor residential tenant has been in place since 2014 and has recently signed a new 1 year lease.

“In combination, the property is generating an annual net rent of $114,000, which is up to date with the current market,” said Mr West.

“The massive 2-bedroom apartment, which is 110 square metres, was recently renovated and comes with a spectacular and modern terrace courtyard. This is a significant feature of this unique property and the courtyard is perfect for entertaining.

“Moreover residing above a newsagency doesn’t create any noise disturbances for tenants. It’s not like living above a bar.”

The property at 1340 Pittwater Road, Narrabeen will go under the hammer at the Raine & Horne Auction Room, Level 1, 685 Pittwater Road, Dee Why from 6 pm on Thursday 25 May, 2017. 

For more information about the auction, contact Vincent West of Raine & Horne Commercial Northern Beaches on 0403 444 000.

 

-Ends-

For further media information contact:

Vincent West, Co-principal, Raine & Horne Commercial Northern Beaches on 0403 444 000  

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