This article is from the Australian Property Journal archive
A PRIME development site at Croydon in Sydney's inner west has sold under the hammer for $6.49 million – leading a successful auction event, which saw six out of seven properties selling.
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Located at 402 Liverpool Rd and 1 Lion St Croydon, 9km from the city, the 2,883 sqm site is zoned B4 mixed use and improvements include a single storey brick residence and four factory buildings.
The property was sold by Raine & Horne Commercial Luke Smith, who said that opportunities to purchase sites like this are rare.
The site was sold with tenants in place on monthly agreements and has significant potential for redevelopment, given its location.
The Croydon transaction led a successful auctionworks event in Sydney, which saw seven properties go under the hammer and six sold, whilst one was passed in.
Raine & Horne Commercial`s negotiated a further two sales. Agent Rebecca Saab sold two retail properties for a total of $3.28 million.
In the inner western suburb of Enmore, Saab sold a retail property plus dwelling at 175 Enmore Rd for $1.67 million.
The double storey building comprises total floor area of 190 sqm with the ground floor leased to a cafe on a three plus three-year term, whilst the first floor is a two-bedroom residence. It includes four car parking bays and occupies a land area of 202.3 sqm zoned B2 local centre.
Saab also sold a retail property at 168 Belmore Rd Riverwood in Sydney`s south, for $1.61 million. The double fronted two-level property comprises 340 sqm of building area on a 263 sqm site.
The ground floor shop is leased to Akly Pty Ltd returning $2,002.03 per calendar month on a four-year plus two further three-year options and the first floor commercial tenancy is on an expired lease returning $368.58 per week. The net income is approximately $33,149.91.
Other sales include:
– An industrial facility at 26-28 McCauley St Matraville, which sold for $1.975 million. The property comprises a 30 sqm office and 450 sqm warehouse, which is set on a 1,255.6 sqm site. It is currently occupied and returning $80,949 p.a. The agent was Taylor Nicholas` Marino Rodriguez.
– Taylor Nicholas` Stephen Karanfilovski sold an warehouse/office facility at 13/595-613 Princes Highway Tempe for $755,000.
– Shore Commercial Property`s David Falvo sold an industrial property at 19 Carter Rd Brookvale for $1.051 million. The property is divided into two factories of 110 sqm and 420 sqm, set on a land area of 765 sqm.
Australian Property Journal
