This article is from the Australian Property Journal archive
ONE of the biggest commercial properties in Sydney’s exclusive eastern suburb of Double Bay has hit the market under the instructions of receivers and managers KordaMentha.
This fully-leased five-storey building at 377-383 New South Head Road offers a large frontage to New South Head Road – with 65,000 cars passing each day – and a key pedestrian link through to Kiaora Lane. It currently brings net annual rent of circa $930,000 from five tenants that include BeFit Training & Physiotherapy, Universal Health and @Workspaces.
The 1,529 sqm building is composed of ground floor retail with four floors of offices above, and is on 588 sqm of land.
Miron Solomons and Matt Pontey of Colliers, together with Grant Whiteman of Ray White Commercial Eastern Suburbs, have the listing. The auction is scheduled for Tuesday, 15th October at 5pm.
Solomons said 377-383 New South Head Road represents a “rare opportunity to secure a freehold commercial building in the heart of Double Bay, one of Sydney’s most affluent suburbs”.
“The property’s prime location, coupled with its diversified income stream, makes it an attractive proposition for investors looking for both security and growth and the flexible tenancy agreement provides opportunity for owner occupiers, looking for a new home in Double Bay’s most desirable address.
“The resilience of Double Bay’s commercial market, combined with the stabilisation of interest rates, has boosted investor confidence and increased activity.”
Whiteman said Double Bay remains a prime destination for both consumers and investors.
“This property is perfectly positioned to capitalise on the ongoing demand for premium commercial spaces in vibrant, affluent neighbourhoods.”
