This article is from the Australian Property Journal archive
AN investor has swooped on a two-storey Crows Nest retail and office building, paying $11 million for the 1,028 sqm property positioned next to the future site of the Crows Nest metro station.
CBRE’s Jason Lowry and Toby Silk sold the 2-4 Clarke Street property, which is on a 556 sqm site near the Willoughby Road retail and dining precinct and the Pacific Highway.
This mixed-use freehold has two retail shops, two levels of office space and 16 undercover car spaces, and sold partially vacant.
Fully leased, the property has an estimated net market income of around $520,584 per annum.
It was offered as a significant rental reversion or development opportunity, with a proposed floor-space ratio of 4.5:1 and height limit of eight storeys, and located at the centre of the St Leonards and Crows Nest priority precinct.
Australian Property Journal
