Upper North Shore light shop with development upside collects $6.6m

The building, on a 1092 square metre Mixed Use zoned site, was marketed to investors and developers.

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).

The site has 30 metres of Pacific Highway frontage

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.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.