This article is from the Australian Property Journal archive
A bookstore with development potential in West Ryde in Sydney’s north west has sold under the hammer.
CBRE agents Raymond Ashan and Lord Darkoh negotiated the sale of 28-34 West Parade for $16 million.
The 2,692 sqm property comprises a three-level commercial building with a café, children’s play area, meeting rooms, and employee breakout spaces, and 32 vehicles basement car parking, set on a 2,129 sqm of land.
It is tenanted by Koorong, Australia’s leading Christian community bookstore. It generates a net income of $390,737 per annum and 3% fixed annual rental increases, with 100% outgoings paid by the tenant, along with a company guarantee equivalent to 12 months’ rent.
Located within the West Ryde Town Centre masterplan, the sale highlights the appeal of mixed-use commercial properties in key suburban hubs, particularly those with redevelopment potential and strong tenant covenants.
