Receivers list prized Double Bay office
A Double Bay office sold by Greater Union three years ago for $25.5 million – setting a record auction result for the suburb – is for sale again.
Receivers and managers are the vendors this time.
With interest rates now substantially higher than three years ago – and the work from home trend denting confidence for office investments – timing might not deliver as high a result.
The 2021 deal reflected a 3.9 per cent net passing yield.
To be tested by auction again
For some 90 years since the 1930s, the 588 square metre site at 377-383 New South Head Road accommodated the Vogue Theatre.
Greater Union completed the rebuild in 2015 – its five level office contains 1530 sqm of A-grade space, returning $928,200 per annum net (story continues below).
BeFit Training & Physiotherapy, Universal Health & @Workspaces are amongst the tenants.
The ground floor is configured with retail.
KordaMentha is receiver and manager.
Ray White Commercial’s Grant Whiteman with Colliers’ Miron Solomons are the agents.
Coincidentally the asset will be tested again via auction – on October 15.
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