This article is from the Australian Property Journal archive
FOUNDER of consumer electronics retailer digiDirect, Shant Kradjian has finalised the $22 million acquisition of a landmark site in southern Sydney’s Miranda.
The 175-177 Taren Point Road and 94-98 Parraweena Road property has three office, warehouse and showroom buildings totalling 4,721 sqm on a site totalling 6,586 sqm.
The asset was sold mostly vacant with a passing holding income of just over $633,000. It could potentially draw nearly $1.85 million when fully leased.
In response to recent strong interest from ASX-listed brands and multinational tenants, the Kradjian has adjusted his strategy and will now focus on leasing out the existing vacancies.
“As someone who paved my path in the business of retail, I was instantly attracted to the incredible exposure this site offered,” said Kradjian.
“The opportunities are endless, and we look forward to capitalising on them after some careful analysis and planning.”
Multiple leasing deals are currently being finalised on site by Colliers and Pierge Property & Asset Management.
Colliers agents Edward McFarland and Trent Gallagher facilitated the sale for the Casaceli family, who had held the property for over 40 years.
“A high appetite for property in this location saw strong interest come from a range of buyer groups, as the impressive market fundamentals combined with the high visibility on a prominent road made it a highly sought-after property,” McFarland said.
