This article is from the Australian Property Journal archive
A RETAIL and office investment property in Sydney’s St Leonards has sold for around $1 million above reserve under the hammer, after the selling agents quickly moved from an expressions of interest campaign to public auction.
Colliers International’s Tom Appleby and Henry Burke sold the 18 Pacific Highway property at a 2.95% net yield following competition from nine bidders.
Damien Cooley of Cooley Auctions handled the auction.
The property is on a 168 sqm site and has a two-level building of 151 sqm and two on-site parking spaces.
It was offered with a short-term lease in place, with potential for a 5+5-year extension, as well as dual income streams.
Australian Property Journal
