A local investor has paid $4.87 million for the prominent, strata-titled southern piece of the Freshwater Village shopping arcade.
The 807 square metre property, Lot 1, 1-3 Moore Road, Freshwater, is leased to rock climbing centre Skywood which, with options, can stay until 2040.
Based on the annual net income, the asset is trading on a 6.2 per cent yield.
Cushman & Wakefield’s Yosh Mendis, Geoff Sinclair and Aaron McLean said multiple bids were received following an Offers to Purchase campaign.
“The site at the tightly held Freshwater Village precinct attracted significant demand from both local and interstate investors, value-add opportunists and developers,” Mr Mendis added (story continues below).
The beachside Freshwater is about 17 kilometres north east of Sydney and two suburbs from Manly.
Mr Sinclair said “we continue to see robust depth in the private investment market across Sydney’s metropolitan markets, with high net worth investors targeting quality, strategically positioned assets with strong income potential”.
“This was on fully display during the sale campaign for the Freshwater property, with multiple offers to purchase and more than 160 inquiries leading to an outstanding sale price of more than $6000 per sqm,” he added.
Mr McLean said the purchaser was a Sydney based investor attracted to the property’s “strong leasing profile and fixed annual rental increases along with the prime location in one of Northern Beaches’ most coveted suburbs”.