This article is from the Australian Property Journal archive
AS Sydney’s Oxford Street bathes in the limelight of WorldPride, an apartment building with ground floor shops on the famous strip has sold for $21.3 million, on a very sharp yield of just 2.43%.
The block of 12 strata-titled units and two ground floor shops at 257 Oxford Street in Paddington has a strata area of 1,301 sqm and generates gross income of $711,000 per year.
It is on 888 sqm of land with B4 mixed use zoning.
The property was sold at Colliers’ first investment auction portfolio of 2023 and marked the biggest auction sale in NSW this year to date.
“Significant interest was received from investors demonstrating the continued flight to quality at the top end of the market. Ultimately it was a local investor who saw the value in the building and the return of Oxford Street as one of Sydney’s emerging precincts,” said Colliers selling agents Matt Pontey and Steam Leung.
John Street, Cabramatta saw its first sale of a freestanding shop in nine years at the auction. A new entrant investor from Vietnam purchased number 39, offered for the first in 40 years through Colliers’ Harry Bui and Andrew Bui, prior to auction for close to $6 million, on an eye-watering initial yield of sub-2%.
The sale price represents $32,000 per sqm of site area for the two shops plus first floor office.
Meanwhile, a 119 sqm freehold medical investment on the lower north shore sold under the hammer for $2.12 million to an overseas investor from Singapore at a passing yield of 2.5%. 79 Gladesville Road in Hunters Hill is currently leased on a five-plus-five-year deal to Advanced Dentistry Sydney.
Harry Bui and Colliers colleague Beau Mayer managed the sale.
