Six bidders contest Sorrento shop
The first shop to be auctioned along Sorrento’s Ocean Beach Road in four years sold.
Six bidders competed for the 218 square metre building at 111 Ocean Beach Road. A ground floor retail tenancy leased to KHRMA Clothing returns $96,000 per annum net, while a first floor apartment with three bedrooms is vacant.
The 219 sqm site is zoned Commercial 1 and includes five car parks.
The result was $2.9 million – a 3.3 per cent net passing yield potentially rising to c4.5pc if the apartment were rented.
111 Ocean Beach Road
The retail and residential components of 111 Ocean Beach Rd are strata titled (continues below).
“This result reflects that demand from private investors for quality assets in tightly held lifestyle locations remains as strong as ever,” CBRE’s JJ Heng, who marketed the property with Nathan Mufale and Alex Brierley, said.
The buyer is a Melbourne-based family office, he added.
Elsewhere on the strip, the Victor Smorgon Group, with the Kanat Group and Trenerry Property Group, recently listed the Continental Hotel following a major extension and refurbishment.
Along with a neighbouring new apartment complex, it carries price hopes in excess of $150m.
Subscribe to our newsletter at the bottom of this page.
