This article is from the Australian Property Journal archive
A FREEHOLD with redevelopment potential at Newtown in Sydney’s south-west has sold for the first time in three decades for $1.8 million.
The two-storey premises at 527 King St was sold at auction by LJ Hooker Commercial Sydney.
The shop front three-bedroom property comprises a total building area of 150 sqm on a 240 sqm site.
Auction agent John Romyn said the sale was part of the emerging interest in the lower-profile end of King St.
“The south end of King Street is very tightly-held,” Romyn said. “Indeed, the owner of 527 King St had occupied the property since purchasing it back in 1987. King St is one of Sydney’s liveliest retail strips, but the investment and redevelopment attention has been largely focused north of the Enmore Rd junction.
“There have been a number of sales in the southern stretch now including next door (525) which sold for $1.7m in July 2015. That sale contrasts markedly with purchase of 523 King St, sold for $1.2m in May 2014.The Hotel Victory building was also sold for $3.5m in October 2014,” Romyn said.
Australian Property Journal
