Woollahra shop trades for $7m
Another High Street style investment has traded, this time at Woollahra.
The two level terrace at 107 Queen Street, leased to boutique Aquel and Willomina, a hairdresser, collected $7m at auction last month – a 4.1 per cent net passing yield.
All up there is 204 square metres.
Both occupiers are on agreements with 3.5pc annual rent rises.
They also pick up the outgoings.
The site spreads 119 sqm zoned Mixed Use 1, its eastern edge exposed to car parks off Dorhauer Lane.
The incoming owner is a high net worth private investor.
Also today we are reporting a prominent small but multi-purpose Glebe building, with retail, offices, three apartments and 12 basement car parks – traded for $8.7m – a 5.2pc yield.
Building value doubles
The Queen St property previously sold in late 2018, for $3.44m.
“With limited prestige freehold assets of this calibre being bought to market in recent years, demand for generational high street investments remains exceptionally strong,” Cushman & Wakefield’s Miron Solomons and Matt Pontey, who brokered the latest deal, said.
“This momentum is further underpinned by the recent announcement of the incoming Woollahra train station, set to enhance the long-term fundamentals of the precinct,” they added.
Woollahra, one of the Sydney’s most exclusive suburbs, is five kilometres east of town.
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