Norton Central trades again

Norton Central (outlined) is about 6.5 kilometres west of Sydney.

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.

Colliers’ Harry Bui and Alex James-Elliott were the agents; the buyer is another private investor.

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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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of