This article is from the Australian Property Journal archive
ONE of the fastest-growing and top-performing Anytime Fitness franchisees has splurged nearly $15 million on expanding their gym empire further throughout Sydney’s North Shore.
Momentum Group quietly picked up a mixed-use retail, medical and office property on 1,090 sqm of land at 692B-694 Pacific Highway, Killara in an off-market deal for $8.75 million.
The property has a high-profile 30-metre frontage and exposure to 40,000 cars daily and is close to Bunnings, Woolworths, McDonald’s, Gordon Centre, and Gordon and Killara train stations.
The deal was negotiated directly with the vendor, with commercial property buyers’ agency Costi Cohen representing Momentum Group.
Costi Cohen also represented Momentum Group on its $6.1 million acquisition of 330-332 Pacific Highway in Lindfield, just six minutes’ drive from the Killara property.
Offered for the first time in 23 years, the property was previously occupied by the Commonwealth Bank and has been vacant since. Momentum Group purchased with the intention to occupy – but the 462 sqm building on 670 sqm of land now also sits within the state government’s new Transport Oriented Development zone, which paves the way for intensive residential development on the site.
According to Costi Cohen the price was negotiated at 20% lower than the owner’s original asking price.
Selling agents were Ray White Commercial Western Sydney’s Tao Shi and Victor Sheu.
