This article is from the Australian Property Journal archive
STRATA shops in Sydney’s exclusive Circular Quay are smashing Australian retail property records, with a Guylian Belgian Chocolate Café the new titleholder after selling for an eye-watering $153,358 per sqm – and more competition is waiting in the wings.
Lot 10, 1A Macquarie Street was snapped up for $11.5 million prior to auction. It is close to the steps of the Sydney Opera House and offers views across the Sydney Harbour Bridge and Circular Quay terminals.
The property was marketed and sold by Colliers’ Joseph Lin and Angus Windred, in conjunction with Plus Agency’s Peter Li, Fiona Yang and Leanne Pan.
“We received genuine local and interstate interest from well-known Asian demographic hotspots with particular influence from Sydney and Melbourne’s affluent high-net-worth privates,” Lin said.
“Having received over 100 enquiries and facilitating numerous contract requests, the property was sold just days prior to the scheduled auction date.” Four parties that narrowly missed out were aiming to attend the auction.
The landmark deal tops the previous record set in February by a 43 sqm bubble tea shop close by, which sold for $132,558 per sqm also through Colliers and Plus Agency to a Chinese investor.
Meanwhile, the 16 sqm gelato shop at Lot 2, 1A Macquarie Street is going to auction on 2nd May with a price guide of about $3 million. That would represent $187,500 per sqm.
Andrew Vines of Retail Commercial Consultancy has the listing.
“Prior to the sale of both Lot 10 and 11, the previous Australian record was also set in Circular Quay just over a year ago, with a 44 sqm shopfront selling at a rate of around $113,000 per sqm,” Yang said. The Guylian shop sale signifies an increase of almost 40% in capital values in a year.
“Circular Quay’s luxury commercial and residential market is performing incredibly well with investors and owner occupiers eyeing off the NSW government’s initial $200 million commitment announced for the rejuvenation of the Circular Quay Ferry Terminal,” Pan said.
“This commitment is set to further enhance the viability and change the face of Sydney’s waterfront to the world.”
