Upper North Shore light shop with development upside collects $6.6m
A commercial investment with development upside in leafy Killara has collected $6.6 million.
Recognised by its anchor tenant, Beacon Lighting, and part clad in that retailer’s corporate yellow, 692B-694 Pacific Highway also contains offices and is fully rented.
All up there is 966 square metres of lettable area and 47 car parks, most in a multi-floor basement.
The structure occupies a sloping 1092 square metre Mixed Use zoned site opposite the historic Greengate Hotel.
It is two blocks from the Gordon border (story continues below).
More than 40,000 cars pass a day, according to Cushman & Wakefield’s Geoff Sinclair and Yosh Mendis, who marketed the property as an investment or development play.
The sale price reflects a 5.5 per cent net yield, Cohen Handler director Tas Costi, who acted for the purchaser, a local private, added.
Killara is an Upper North Shore suburb about 15 kilometres from Sydney.
According to realestate.com.au, the median three bedroom unit price is $1.2m.
