Piano retailer buys Clyde showroom

The Parramatta Road property (marked), about 20 kilometres from Sydney.

A piano retailer has paid a speculated $4.85 million for the former Wallaby Motorhomes dealership at Clyde, about 20 kilometres west of Sydney.

Unit 1/2 Parramatta Road, Clyde (outlined), sold for $3.56 million in December.

The 470 square metre building on 1316 sqm at 35-37 Parramatta Road, at the north east corner of Kendall Street, will be utilised as a showroom.

CBRE’s Robert Dowdy said with the deal, some $41.805m worth of property on Parramatta Rd in Auburn, Clyde and Leichhardt have traded in the past 12 months.

“Many of these sites are coming to market for the first time in decades, with 35-37 Parramatta Rd attracting over 120 enquiries after being offered for the first time in 20 years,” he added.

“The revitalisation of Parramatta Rd and its positioning as one of Sydney’s major arterials has underpinned buyer interest, offering daily exposure to more than 30,000 cars,” according to the executive.

“This has attracted major national and international brand heavyweights including Costco, Harvey Norman, Kmart, Bunnings, Coco Republic and Fantastic Furniture.

“Main road locations like Parramatta Rd provide maximum brand exposure and owner occupiers will pay a premium for that (story continues below).

“Despite COVID-19 and online shopping becoming more prevalent, shoppers still want to touch and feel the products, whether it’s furniture, electronics, clothing, self-storage or fast food.

“This was borne out in CBRE’s recent APAC Retail Flash survey in which 83 per cent of Australian respondents said they planned to open more stores this year, with just eight pc intending to decrease their network size.

“The survey also found that 61pc of the Australian respondents plan to improve their store locations, while one third intend to increase the size of their footprints to build more experiential elements into their stores”.

Other transactions in the past 12 months, he said, include:

  • 211-217 Parramatta Road, Auburn sold for $7,165,000
  • 218-224 Parramatta Road, Auburn sold for $4,700,000
  • 1 / 2 Parramatta Road, Clyde sold for $3,560,000
  • 259-263 Parramatta Road, Auburn sold for $8,500,000
  • 293 – 295 Parramatta Road, Auburn sold for $3,545,000
  • 709-711 Parramatta Road, Leichhardt sold for $4,800,000
  • 147 & 149 – 151 Parramatta Road, Auburn sold for $4,775,000

“The next test of the market is Phil Gilbert Toyota’s 3,174sqm landholding at 66-72 Parramatta Road,” Mr Dowdy, who is marketing the property with John Hill & Co’s Sam Hill, said.

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Marc Pallisco

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