Norton Central, in Leichhardt, has sold for the second time in two years.
The c2005 double storey building at 70 Norton Street is trading for $20.5 million.
The vendor, a private investor, picked up the asset from GPT as part of a $153.2m deal which also included Norton Plaza, across the road.
Sub six per cent yield
On a 1114 square metre B2 Local Centre zoned site, Norton Central was marketed as having development upside.
The property contains 1420 sqm of lettable area; Berkelouw Books, National Australia Bank, Toni & Guy and Westpac are amongst the occupiers (story continues below).
Bakers Delight operates out of an office tenancy.
Based on the net income ($1.145m), the property is trading at a 5.58 per cent yield.
In May, Justin Hemmes’ Merivale outlaid $24m for the historic Norton’s Irish Pub, at the north east corner of Norton St and Parramatta Road, which will be renovated.
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