Redfern’s freshest, tastiest and most stylish retail spaces are on the market through Ray White Commercial NSW.
All occupied by popular bars and eateries, the five shops for sale at 94 Pitt Street are part of the acclaimed Alchemy development which has in itself, according to agents, been a significant driver in the suburb’s recent reinvention.
“Redfern is in the midst of a foodie revolution,” Ray White Commercial NSW managing director and partner Jeff Moxham says.
“Over the past few years, the neighbourhood has become a dining and entertainment mecca as well as a hotbed for creativity and culture.
“Redfern has become an exciting place to live with a strong sense of community and diversity.”
Mr Moxham and Samuel Hadgelias, both based in the CBD, are marketing the property with Justin Rose and Kristian Morris, of Ray White Commercial Sydney City Fringe, and Ray White Lower North Shore’s Scott Stephens in a multi-faceted campaign targeting the business’ key markets.
Located on the corner of Redfern Street, the five shops are occupied by JUAN Bowl & Tea, Fern St Eatery and Bart Jr. Mediterranean bar and restaurant Isaacs occupies shops 1 and 2 combined.
Each investment will be offered for sale individually at a public auction on June 13.
“This is a covetable CBD fringe retail opportunity that offers investors an opportunity in the heart of Sydney’s newest urban village,” Mr Hadgelias says.
“Redfern is steeped in history and was originally a gathering ground for the traditional owners of the land.
“Later it became a blue-collar suburb however the Redfern of today is now better known for its designer apartments, restored terrace homes, trend-setting DINKs and young families sharing in the cosmopolitan lifestyle that the area has to offer.”
All the tenants of 94 Pitt Street started triple-net leases of five to eight years, plus options, in May 2017.
The net lettable area of the shops is 323.2sqm in total, ranging from 55.1sqm to 134sqm. The combined net income is $345,103 per annum.
The properties will be sold on behalf of Alchemy’s owner and developer, AIL Property Group.
Mr Morris says the investments each have strong covenant and would suit a broad spectrum of future owner-occupiers as well as investors.
“The Alchemy building is one of the first to come out of the ground since Redfern’s retail precinct started its transformation,” he says.
“This vibrant ground-floor retail space is part of an area that is gentrifying through a process of retaining village charm while introducing new mixed-use development.
“Considered the ‘new Surry Hills’, Redfern has evolved into a highly sought-after suburb as retailers and commercial operators have rushed to be part of this urban hotspot.”
The property is within 1km of the $1 billion Australian Technology Park redevelopment, the future home of the Commonwealth Bank and 10,000 employees.
Price expectations have not been disclosed but Mr Stephens says similar properties in the area have traded in the vicinity of a 6 per cent yield on investment.
In addition to its commercial component, Alchemy comprises 19 bespoke apartments within a Federation building designed by award-winning firm SHED Architects.
“Combining the resources and expertise of our CBD, Sydney City Fringe and Lower North Shore offices, the marketing approach for 94 Pitt Street demonstrates the power of the Ray White Commercial NSW network,” Mr Stephens says.
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