Tea shop sells for record $132,500 per sqm
A Circular Quay shop the size of a one bedroom apartment has sold for $5.7 million – setting a national record rate per square metre of $132,558.
The price for the 43 sqm asset, Lot 11 within the Opera Quays complex at 1A Macquarie Street, smashes the watermark set last year – for a similar sized retail investment in the building – by c$20,000 per sqm.
It also reflects a c5.3 per cent net passing yield.
Colliers’ Joseph Lin and Angus Windred with Plus Agency’s Peter Li were the agents.
Lot 11, 1A Macquarie Street
Leased to bubble tea and juice retailer Coco for four more years, Lot 11, 1A Macquarie Street is near the United Cinemas entrance, about 200 metres from the Sydney Opera House (story continues below).
“Amongst the synonymous global brand, the desirable world famous harbour location generated an enormous amount of interest during the campaign with more than 150 enquiries coming from both private local and offshore Asian investors as well as potential longer term owner occupiers,” Mr Lin said.
“Lot 11, being only one of a few ‘wet shops’ across Opera Quays provided the once in a lifetime opportunity to purchase a versatile super prime retail asset, with local confidence rising in the anticipation and return of international tourism,” Mr Windred added.
The property was offered with a shop next door, Lot 10, leased to Guylian Belgian Chocolate Cafe, which now goes to auction next month, and a 186 sqm strata office, Lot 54, which traded for $4.06m.
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