|A new opportunity has emerged in Mascot’s retail strip as key development projects prime the area for urban reinvigoration.|
The combined shopfront and residence on a deep 790.4sqm (approx) block at 1109-1111 Botany Road will go to auction on 24 August 2018 through Ray White Commercial NSW.
Managing director and partner Jeff Moxham says the same family has owned and lived at the property for about 100 years.
“The prominently positioned site would have certainly been well patronised by locals for generations,” Mr Moxham says.
Facing Botany Road with a frontage of approximately 10.7m, the shop, although not currently tenanted is still fitted out as a wholesale butcher shop — complete with functional refrigerator and freezer rooms.
The two-bedroom home behind the shop, accessed by a walkway at the side of the property, is in original vintage condition and is also offered with vacant possession.
Another freestanding (commercial) building, currently tenanted, plus a big garden make up the remainder of the offering (providing the potential of 3 concurrent income streams).
“The outstanding location of this asset in the heart of the Mascot shopping village combined with being a blank canvas for various future development options (STCA) provides confidence that this asset will be competitively sought after,” Mr. Moxham says.
Located near the intersection of King Street, the property is diagonally opposite The Exchange mixed-use development, which comprises of a boutique 32 apartments and six retail spaces.
Construction is already under way at the site, which is the old Telstra exchange building. Completion is scheduled for August 2019 and Ray White Projects is marketing the apartments.
A little further along Botany Road is the Tennyson Hotel, an art deco pub bought by Justin Hemmes’ Merivale in 2017.
Mr Hadgelias says the B2 Local Centre zoning gives prospective purchasers flexibility as to the future use of the site including but not limited to shop-top housing and commercial Investment.
“Given the property’s location in one of Sydney’s biggest development pockets, we have no doubt that the asset will receive strong enquiry,” he says.
The auction will be held at Ray White Commercial’s head office — Level 17, 135 King Street, Sydney — at 10.30am on 24 August 2018.
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