Strip of shops in Revesby fetches $7.1 million
A row of shops in central Revesby, a suburb 22 kilometres south-west of the Sydney CBD, sold at auction for $7.1 million last Wednesday.
The investment, 31A-37 Selems Parade, includes seven adjoining retail buildings – part of the Central Revesby retail strip.
Fully leased, the investment returns $383,590 in annual rent.
But the leases were subject to a demolition clause, meaning any incoming owner can propose redeveloping the 1872 square metre plot.
The Revesby train station is in the immediate vicinity, lending this site to a mixed-use project with ground floor retail.
Alternatively, the incoming owner can consider strata titling and selling down seven individual retail assets.
Colliers International’s Nick Estephen, Marvian Rusli and Joe Sacco marketed 31-37 Selems Parade.
The brokers said the sale was the largest transacted within the Revesby Town Centre for 15 years.
