Row of Sydney shops fetch $30m
A row of shops in north west Sydney has sold for $29.8 million – a blended 2.09 per cent yield.
The three properties covering four shopfronts, 167-173 Rowe St, Eastwood, traded to separate buyers.
Offered for the first time 37 years, the price is the highest achieved in the suburb at auction.
“[It also] sets a…benchmark for commercial investments and retail freeholds across Australia,” CBRE’s Ray Ahsan, who brokered the deal with Lord Darkhoh, said.
“We currently have more than $450m in unplaced capital and we are working to deploy this…across a number of commercial opportunities in New South Wales, leveraging the momentum generated during this campaign,” he added.
Eastwood is about 17 kilometres from Sydney’s CBD (story continues below).
Rowe Street shops
Leased to a beauty clinic, optometrist, restaurant and supermarket, the Rowe St shops contain 962 square metres. The block also spreads 962 sqm; zoned MU1-Mixed Use, it was marketed for its potential to accommodate a circa 15.5 metre building.
“The…sale highlights Eastwood’s vibrant property market and underscores the rarity and desirability of this asset, especially given its prime location opposite the upcoming Eastwood masterplan development” Mr Darkoh said.
“Investors clearly recognise the significant growth potential in Eastwood, driven by the revitalisation of the Eastwood Shopping Centre and its emerging status as a cultural hub within Sydney,” according to the executive.
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