A PRIVATE investor has snapped up a free-standing Lidcombe retail premises offered to the market for the first time in 42 years for $1.88M under the hammer at 52A Joseph Street.
The asset, that came with a 221sq m* land area, was in a highly sought-after area and had the bonus of rear lane access via Armstrong’s Lane.
The property was marketed and sold by Ray White Commercial NSW Associate Director and Licensee in Charge Joseph Assaf and Sales Executive Robert Napoli.
Mr Assaf said the opportunity with a lease expiring within the next six months allowed flexibility to owner-occupiers or investors with future development upside.
“The property is in a highly sought-after area opposite a pedestrian crossing and is surrounded by a number of established businesses, making it particularly appealing,” he said.
“The asset attracted more than 60 enquiries throughout the campaign and has a Floor Space Ratio of 5:1, with a height limit of 32 metres”.
“The site is Zoned B4 Mixed Use, is currently leased to Russian Shop until 26 October 2019, and benefits from being just 350* metres away from Lidcombe Railway Station.”
Mr Napoli said Lidcombe was just 18km* west of Sydney CBD and was easily accessible via the Olympic Drive.
“Lidcombe’s neighbouring suburb, Parramatta, is identified as Sydney’s second largest CBD,” he said.
“Parramatta’s undergoing a major transformation, prompted by high levels of public and private property investment in the area.
“The NSW Government has developed plans to create more jobs, homes and new and improved infrastructure to support the unprecedented population growth of Western Sydney, creating a favourable environment for investors to capitalise on this growth.”