An investor has paid $13.31 million for a mixed-use Hornsby asset adjoining other property he holds.
The sale price for Piazza Hornsby reflects a 2.73pc passing yield or a 3.73pc return on a fully let basis.
It is also about 30 per cent over reserve.
On 569 square metres at 25-31 Florence Street, opposite Westfield Hornsby, the B3 Commercial Core zoned block has significant development upside – permissible for a 12 level building.
The property falls within a precinct affected by a Hornsby Shire Council blueprint, the Future Hornsby Town Centre, which aims to accommodate the bulk of the area’s future housing and employment targets.
Some 4000 dwellings are anticipated to be needed between now and 2036.
Precinct set for major development
Knight Frank’s Alex McColl and Demi Carigliano marketed Piazza Hornsby, which rises three storeys, and contains 987 square metres of area.
The top floor was configured as six studio apartments following a building refurbishment in 2015 (story continues below).
There are also 16 basement car parks.
“With the property being such a rare offering, not having come to the market for such a long period of time and nothing like it available for sale that compares, we saw stronger than expected competition amongst bidders at the auction” he said.
“The location was also a huge drawcard, being in a prime spot in Hornsby’s vibrant retail centre, opposite Westfield Hornsby, and on a desirable rectangular site with prominent street frontage to Florence St, which is a high pedestrian traffic thoroughfare,” he added.
“The Piazza is surrounded by an abundance of retail, leisure and healthcare and educational amenity, and less than 200 metres from Hornsby Transportation Hub”.
In July, council approved plans to replace a 59ha ex-quarry near the suburb’s town centre with a park.
Last year it permitted Lyon Group Australia to develop two apartment towers – the tallest rising 20 floors – at 187-203 Peats Ferry Road, about 250 metres from 25-31 Florence St.
Hornsby is about 19 kilometres north west of Sydney.
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