The Sydney Lightrail has been linked to the auction sale last week of two commercial buildings in Kingsford in Sydney’s inner east for a combined $5.388 million.
The buildings sold under the hammer for a price of $16,000 per square metre, which is a record for the vibrant retail precinct, said selling agent, Sam Karatasas, Principal of Raine & Horne Kingsford/Kensington.
“Secured by a private investor, several factors contributed to the record sale of the buildings located at 496-498 Anzac Parade, including their proximity to a Lightrail stop,” he said.
“The property sold to a local in investor, and the sales price was better than expected and significantly above a valuation conducted before the property hit the market.
“The two buildings were offered for sale by a long-term local private investor, who decided to sell the dual properties in one line.”
Other factors that helped attract substantial investor and developer interest were the closeness of the properties to the heart of the vibrant Kingsford retail hub and the University of New South Wales, as well as their longer-term development potential, Mr Karatasas confirmed.
“The property also has rear lane access and income diversity through having two retail tenants including a Chinese restaurant and gift shop that has been an occupant for 30 years.”
The property, which is fully leased, also has two offices and a pair of residential studios and is returning a total annual income of $222,093.74 + GST.
For all your sales and property management needs in Kingsford, Kensington and surrounding suburbs, contact Raine & Horne Kingsford/Kensington on 8397 7878.