This article is from the Australian Property Journal archive
A LOCAL family has snapped up three-level retail and office complex Rosenthal Arcade on the Lower North Shore under the hammer for the auspicious sum of $13.888 million.
Owned by the Tavakoli family, 79-83 Longueville Road in Lane Cove is located within Lane Cove Village and traded on a yield of 4.8%.
The commercial and retail investment sits on a 734 sqm site, approximately 1,689 sqm of net lettable area across a three-level building, complete with basement parking, and is adjacent to The Canopy, a newly developed village centre within Lane Cove.
The building contains a walk-through arcade along the ground floor providing access from Longueville Road to The Canopy along Birdwood Lane. It has 467 sqm of ground floor retail area across nine shops and 1,221 sqm of commercial area across 11 suites over two upper levels.
Stuart Cox, Johnathon Broome, Andy Hu and Jordan Lee of Savills managed the sales campaign.
The building sold 80% leased, with vacant commercial suites on levels one and two. Cox said it also lends itself to a residential conversion or shop top housing redevelopment as an alternate use under the existing B2 local centre zoning, with a potential gross floor area of 1,835 sqm across the site and a floor space ratio of 2.5:1.
The Tavakoli family had owned the property for over 13 years and made the executive decision to sell the asset to capitalise on the increasing demand for strong yielding Lower North Shore blue-chip commercial investments with upside.
Lane Cove has undergone restructuring from former low-density housing, to now providing over 1,900 newly completed medium and high-density dwellings.
