Gym franchisee drops $15m for Upper North Shore buildings
A major Anytime Fitness franchisee has spent nearly $15 million on two double storey standalone buildings to occupy, on Sydney’s Upper North Shore.
In the biggest deal, Momentum Group has paid $8.75 million for 692B-694 Pacific Highway, Killara.
For years occupied by Beacon Lighting, it contains a 966 square metre showroom over 47 basement car parks.
The 1092 sqm site is exposed 30 metres to the busy road where some 40,000 vehicles pass a day, according to buyers agency Costi Cohen director, Tas Costi, who brokered the off-market deal.
Coincidentally the agent sold the property to the vendor following a public campaign in 2021 – for $6.6m.
Directed by Zed Zeynoun, Momentum is one of Anytime Fitness’ largest franchisees, now managing 11 stores.
Killara is 14 kilometres north west of town.
Lindfield deal sealed ahead of auction
Meanwhile Momentum has paid $6.1m for a building in the heart of a Lindfield retail strip, about two kilometres north west of Killara (story continues below).
Offered for the first time in 23 years, 330-332 Pacific Hwy contains 462 sqm of office retail space formerly occupied by Commonwealth Bank.
Opposite the suburb’s train station, the 670 sqm block also facing Woodford Lane is the subject of a planning change which could see the allowable height extended to 24 metres.
Ray White Commercial’s Victor Sheu and Tao Shi were the marketing agents.
Mr Costi again acted for the buyer – snapping it up ahead of a December 5 auction.
The result, he said, was 20pc lower than the original asking price.
Retail overtook industrial as the top performing sector in the 2024 financial year, he added, recording a two per cent return.
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