Eastwood retail investment collects $18m

The Progress Avenue site can make way for a circa six storey building.

A retail investment in central Eastwood has sold for $18 million.

The 1216 square metre complex, 2 Progress Avenue, is tenanted to Australia Post, Happigo supermarket and financial consultant, Adlam Group.

The Blaxland Road office has development upside.

Based on the annual net income, the deal reflects a 2.86 per cent yield.

CBRE marketing agents Alex Mirzaian, Lord Darkoh and Raymond Ahsan said the 928 sqm site is zoned B4 and allows for structures up to 21.5 metres – or about six storeys.

The sale comes two months since Yuhu divested the Eastwood Shopping Centre for $155m.

Also in July, an investor outlaid $19.25m for a showroom at 42-50 Rowe Street, in the suburb, occupied by the Plumbers Supply Co-Op.

On 1467 sqm, it was also marketed to developers.

“Eastwood is a dynamic and multicultural suburban centre…with over 40 pc of its population born in Asia, including China, Hong Kong and South Korea,” Colliers director, Asia Markets, Joseph Lin, who has just listed nearby 570 Blaxland Street with colleagues Tom Appleby, Miron Solomons, and Steam Leung said (story continues below).

The three level office/retail investment contains 1557 sqm of area over a two floor basement car park.

It occupies a 907 sqm site, expected to attract builders.

“Sydney’s metropolitan office markets have rebounded incredibly over the past 12 months as an increasing number of tenants continue decentralising, seeking cost-effective and convenience alternatives to the comparatively expensive CBD options,” Mr Solomons added.

“We highly anticipate a competitive process here, considering the multiple and diverse options this asset offers,” according to the agent.

“Rarely do we see a building of this size and scale offered with such appeal to developers, investors and owner occupiers alike”.

Eastwood is about 17 kilometres north west of Sydney.

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Marc Pallisco

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