Smart Renting Pty Ltd has leased a 1320 sq m warehouse with ancillary office space and secured side yard at 37 Sir Joseph Banks Street from Newtown Dyers & Bleachers Pty Ltd at $120 per sq m gross. The lease term is one year. John Skufris, Ray White Commercial South Sydney.
Infinite Health Group Pty Ltd has leased a 65 sq m strata-titled office directly opposite Wynyard Station at Suite 901/Level 9, 300 George Street from LSC Santo Holdings Pty Ltd at $750 per sq m gross. The lease is three years. John Skufris, Ray White Commercial South Sydney.
A local investor has purchased a privately-owned waterfront landholding at 100 Lake Road on the Central Coast for $1.93 million from the Legge family. This is the first time the property has been on the market in 170 years. It sits on 55 acres of land with flexible zoning for uses including breakfast accommodation, business identification signage and home-based childcare. Savills Australia’s Nick Lower, David Hickey and Selin Ince, negotiated the sale.
A first entrant offshore buyer has bought a 74 sq m strata retail unit on the ground floor arcade of 265 Castlereagh Street, trading as 265 Cafe from Kok Hoa Teow for $1.37 million. The property is currently occupied by the established cafe operator who has just signed a six-year lease. The yield achieved was about 5 per cent. Savills Australia’s Jordan Lee and Andy Hu negotiated the sale.
GHLN Unit Trust has sold a 4024 sq m industrial site at 116-118 Station Road for $4.46 million, about $260,000 over the reserve price. The sale reflected a 4.29 per cent yield. The parcel is comprised of two prime industrial lots with five non-contiguous buildings and achieves an annual net passing income of $197,172 plus GST. CBRE’s Matthew Alessi, Brendan Wein and John Micallef negotiated the sale.
A private overseas investor has bought a 170sq m two-storey retail/office building at 167 Forest Road, for $3.5 million, Tenanted by Evolve World and Wills Partners. The sale represented a net yield of 3.14 per cent, with drawcards being its high-profile location in the Hurstville CBD, close to Westfield. Knight Frank agents Linda Zhu and Dominic Ong, advised on the sale.
This is the last Saturday Commercial Property section for 2019. Thanks to all contributors and we wish all readers a happy and safe festive and holiday season. The section returns February 1, 2020.
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Carolyn Cummins is Commercial Property Editor for The Sydney Morning Herald.