This article is from the Australian Property Journal archive
DESANE Properties continues to buy into Sydney’s inner western suburb of Leichhardt, with the $7.2 million acquisition of a prime commercial property.
The property, at 270-278 Norton Street, is zoned B2 local centre and features 1,800sqm of net lettable area, as well as onsite parking.
The site sits in the centre of Leichhardt’s commercial, retail and residential district and is also located across from Pioneer Park and within minutes of the Leichhardt North Light Rail Station.
The Norton Street property is currently leased out to several diverse tenants and is expected to bring in around $450,000 net per annum on a fully leased basis.
The acquisition will complement the developers existing commercial and inner western Sydney portfolio, especially in their growing Leichhardt portfolio.
Desane received approval for a residential development in the same street in Leichhardt, at 322 Norton Street. The site, which was purchased in 2019 for $3.4 million, is set to include a nine apartments, a ground floor retail commercial space and ten basement car parks.
Both the Norton Street residential development and commercial acquisition sit around the corner from the group’s apartment block project at 159 Allen Street.
The Allen Street development received approval in September 2019 for 46 residences across four and five storey buildings, with an end value exceeding $50 million.
In February, the Sydney-based developers posted half year results with $2.75 million in earnings and a dividend distribution of 2.25 cents per security, with assets at the time at $84.3 million.
