This article is from the Australian Property Journal archive
OVER $12 million worth of properties in Sydney’s northern beaches have sold at the latest Raine & Horne Commercial Auction Night.
A fully-tenanted, 840 sqm freehold retail investment in Dee Why was the hottest item, achieving a price of $8 million, which was significantly above the vendor’s reserve.
Raine & Horne Commercial Northern Beaches co-principal Vincent West said the 20 Howard Avenue, Dee Why property was snapped up by an astute private investor, who noted that five tenants have been there long term.
“Apart from its income potential, the property also affords the possibility for future capital growth has a consequence of the massive facelift of the Dee Why town centre that is currently underway,” he added.
The next item was a former Mitre 10 showroom located at 390-392 Pittwater North Manly, selling above the reserve for $3.93 million.
West said the property was acquired by a local business owner after a bidding war with a number of other owner-occupiers and investors.
“This sought-after property comes with 722 sqm of warehouse and showroom, as well as an additional mezzanine of 307sqm,” West said. “Its unbeatable exposure to busy Pittwater Rd was a big attraction to the owner-occupiers and investors who lined up to bid for it at the auction,”
Finally, a boutique warehouse at 2/11 Green St Brookvale sold for $651,000 to roasting business Nine Yards Coffee. The 158 sqm warehouse includes 65 sqm of office space, an additional 30 sqm mezzanine, and 2 car spaces.
Australian Property Journal
