Sydney CBD Commercial Building Sells for $8.1 Million
A free-standing commercial building with redevelopment potential (STCA) in Sydney’s central business district has been sold by Ray White Commercial NSW for $8.1 Million.
The five-storey building at 36 York Street, Sydney, was sold by Jeff Moxham and Scott Timbrell of Ray White Commercial NSW for a gross yield of 2.9 per cent.
Jeff Moxham said the Expression of Interest campaign for the property attracted strong interest from a number of parties due to its affordable entry point to own a freestanding building in the Sydney CBD and attractive holding income.
“The property commands an outstanding central CBD location, is minutes’ walk to QVB, Town Hall, Wynyard Station, Westfield and Pitt Street Mall,”Mr Moxham said.
“This was a great investment opportunity with the property having established tenants and a returning gross rental income of approximately $238,000 per annum.”
Scott Timbrell said a development proposal for the site had been prepared for a 16 storey development incorporating two floors of retail, five floors of commercial office space and nine floors of residential accommodation.
He said the York St property offered an opportunity to develop a boutique mixed use development.
“The success of this campaign and process proves once again how capitalising on the element of competition via a targeted marketing campaign and carefully controlled processes can produce results far beyond expectations,” Scott Timbrell said.