Dick Smith sells underutilised Sydney office

The Mascot site can accommodate a 12 storey building.

Businessman and philanthropist Dick Smith, via his eponymous investment house, has sold a Mascot office with significant development upside.

The Kent Road office was being marketed as south Sydney’s cheapest to rent.

The two storey asset on 4048 square metres – just over an acre – at 52-60 Kent Road fetched $15.5 million from an occupier.

Zoned E4 General Industrial, it offers a possible 1.2:1 gross floor area upon redevelopment.

In its present form, the property contains 2344 square metres; last renovated in 2014, c1386 sqm is for lease marketed as “most affordable office space in south Sydney”.

“In this scenario, the pricing reflects both the land and building value, offering the new owner flexibility to generate a steady income,” Colliers’ Michael Crombie, who sold 52-60 Kent Rd with Jackson Wray, said.

“It was a brilliant campaign, drawing considerable interest from numerous buyers,” he added (story continues below).

The Mascot property fronts Kent Road and Coward Street.

“The property has a height limit of 44 metres that provides ample room to move vertically,” according to the executive.

“On top of this, there are 74 parking spaces catering to the needs of customers, visitors and employees”.

Dick Smith, 79, holds a significant property portfolio via Dick Smith Investments; it has also offloaded properties.

In 2012, the executive sold his eponymous retail business to Woolworths which, four years later, divested it to Anchorage Capital which put it into receivership in 2016.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.