John Symond buys Double Bay office

Ray White Double Bay principal Elliott Placks recently spent c$7m on this site near Piccadilly Court with plans for a replacement office.

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.

John Symond paid $5m over reserve for Piccadilly Court (outlined).

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).

Piccadilly Court contains ground floor retail.

Colliers’ Miron Solomons, Guillaume Volz and Matt Pontey with Ray White Commercial Eastern’s Grant Whiteman were the agents.

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.

Piccadilly Court (marked) returns net annual rent of $524,140.

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Marc Pallisco

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

Marc Pallisco