Sarawak Kitchen freehold sells at 3pc yield

The Elizabeth Street property sold to a Chinese investor.

A retail investment at the top of town – surrounded by 10,000 dwellings – sold this month for $5.2 million.

The price for 469 Elizabeth Street reflects a low three per cent net passing yield.

It also represents an impressive capital gain for the vendor which paid $2.9m in 2016.

More than 40 inspections were carried out and 11 offers were received following the latest 469 Elizabeth St expressions of interest campaign, Tiga’s David Sia, Martin Leong and Nicholas Hii, said (story continues below).

Sarawak Kitchen, a long-standing occupier, signed a five year lease prior to the property being listed.

It sold to a Chinese investor.

The address is not far from the 100 Franklin St residential development site which Landream acquired last week for c$30m.

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Marc Pallisco

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