This article is from the Australian Property Journal archive
TWO Rockdale freestanding commercial buildings with future residential development potential has sold for $5.35 million on a tight yield of 4.13%, after attracting more than 150 enquiries.
The properties at 631-633 Princes Highway Rockdale, approximately 13km south of Sydney’s CBD, was sold by JLL’s Blair Peterken and Edward Washer on behalf of Barjema Pty Ltd.
It was purchased by private investors Propin Pty Ltd.
“We had over 150 enquiries about this site with multiple offers at the close of the Expressions of Interest campaign.
“The low yield achieved demonstrates that competition for investment stock is very strong. The purchaser is able to capitalise on rental increases over next few years and the potential for residential development in the future,” Peterken said.
The properties have a combined site area of 1,118.40 sqm zoned B4 mixed-use with future residential development potential. Improvements include two commercial offices with a total building area of 2,151.70 sqm. It was sold with sitting tenants returning a net rent of approximately $221,000 p.a.
Australian Property Journal
