This article is from the Australian Property Journal archive
DEVELOPERS have sold off five ground-floor retail strata properties under construction in Sydney’s western suburbs.
The sales includes Hindmarsh Developments’ divestments of three retail suites totalling 327 sqm at its Wharf Square project in Gladesville to local business owners, with one selling for $1.175 million and the other two for a combined $1.8 million.
The project at 8 Wharf Road project has 87 apartments and further retail suites leased to Beacon Lighting currently on the market.
Galileo Group has sold a 402 sqm ground floor retail space suited to café use at its 246-apartment Arlington Grove development in Dulwich Hill for $1.4 million.
In Balmain, a private investor picked up the strata space leased to a medical tenant on the ground floor of a 26-apartment project on Rowntree Street for $2.36 million, at a 5.6% yield.
CBRE’s Nick Tuxworth, Victor Sheu and Peter Vines recently negotiated the sale of the units, for a combined $6.74 million.
Tuxworth Sydney’s inner-west is continuing to benefit from high levels of population growth, and there is strong demand for retail opportunities on the ground floor of new residential developments.
“Further adding to the strengthening appetite levels is the lack of stock in the current market, which is subsequently helping achieve premium prices for properties,” he said.
CBRE is offering the 8 Wharf Road suites.
Australian Property Journal
