Armadale corner building trades on tight yield
A high profile Armadale commercial and retail building has sold for $7.3 million – reflecting a 2.5 per cent net passing yield.
The result for 1027-1029 High Street, on the north east corner of Baldwin, was also c$1.3m over reserve.
Thirteen suitors registered ahead of an on-site auction this week.
Seven bid.
Stonebridge’s Nic Hage, Rorey James and Sarah Xi represented the vendor, the Silver and Wroby family backed Wayfair Pty Ltd, which outlaid $3.02m in late 2009.
The sellers also control Seymour’s Valley Park Farm.
The buyer is a private investor.
1027-1029 High Street Armadale
On 253 square metres, 1027-1029 High St offers longer term development upside; the 359 sqm building is predominantly leased to Zimmerman until 2028 (story continues below).
The upstairs office has a separate entrance.
Country Road is the neighbour.
The asset is also near Aesop’s new store.
Scanlan Theodore, Mecca and Victor Churchill – dubbed the world’s most beautiful butcher – are in the vicinity too.
It was in this retail strip as well where Accent Group in 2020 opened its first bricks and mortar Stylerunner store.
The sale comes 14 months since Tony Gandel, the son of shopping centre scion John, outlaid $6.15m for the Armadale Antique Centre, on 425m sqm, at #1147-1151 in the street.
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