Businessman John Symond has spent $21 million on Double Bay office Piccadilly Court.
The four level structure occupies a 462 square metre B2 Local Town Centre zoned site and would allow for an extra storey.
It contains 874 sqm of lettable area including a ground floor retail arcade.
The Wentworth Courier reported that Mr Symond intends to hold it as an investment following a refurbishment.
Fortis Group director Charles Mellick, who is developing offices in the area, was one of the underbidders – a $19m-plus offer made last night being rejected.
The eventual result for 356-366 New South Head Road was $5m over reserve.
Based on the net passing rent, it reflects a low 2.58 per cent yield (story continues below).
Part of Piccadilly Court is tenanted to Ray White – however that franchise (Double Bay) will soon move to a new building on a nearby site acquired last October for c$7m by agency principal Elliott Placks.
This time last year Mr Symond listed a showroom and apartment investment at 18 Transvaal Avenue, Double Bay, with a c$7.25m guide – but withdrew it in June.
The Aussie Home Loans founder paid $4.8m for that property in 2014. It was once part-tenanted to Trent Nathan.
In 2019 Colliers sold a small retail and office asset at 10 Cross St, Double Bay, for $10.25m – a price which reflected a 1.5pc passing yield.