- The sale has broken the previous record by about $20,000
- Over 150 enquiries were received, including local and offshore Asian investors
- Colliers and Plus Agency marketed and transacted the sale
The Australian retail record has been broken, with a 43sqm Circular Quay shop selling for a staggering $5.7 million.
The sale price of Lot 11, 1A Macquarie Street equates to $132,558 per square metre – about $20,000 higher than the previous Australian retail record, also in Circular Quay.
Currently leased by international tea giant Coco, the waterfront location is across the Opera Quays boulevard.
Colliers National Director of Asia Markets Joseph Lin and Senior Executive of Investment Services Angus Windred marketed and sold the property in conjunction with Peter Li of Plus Agency.
Thanks to its famous location – and the global brand currently leasing the property – the sales campaign enjoyed enormous interest, with over 150 enquiries from both private local and offshore Asian investors.
Additionally, potentially longer-term owner occupiers expressed their interest too, according to Mr Lin.
“Lot 11, being only one of a few ‘wet shops’ across Opera Quays, provided the once in a lifetime opportunity to purchase a versatile super prime retail asset, with local confidence rising in the anticipation and return of international tourism,” Mr Windred added.
Neighbourly interest
Lot 11, an 186sqm waterfront office suite, was also marketed and sold alongside Lot 54 for just over $4 million. This equates to around $21,828 per square metre.
Lot 10, home to the Guylian Belgian Chocolate café, will be bought to the market via auction in late April by Colliers and Plus Agency.
“Guylian Belgian Chocolate Café provides a valuable corner position with exclusive outdoor dining space offering one of the rarest opportunities within the Quays. We are anticipating this to be one of the hottest and most watched auctions of 2022,” Mr Li said
$3.7M per sale in Sydney CBD last year
The sales come as demand remains strong for office and retail strata property across Sydney’s CBD.
Last year, Colliers transacted 31 sales worth a cumulative $115 million in 2021. This was largely spurred by owner-occupiers, the return of Asian investors and record-low interest rates.
With the ongoing return to the office movement, businesses that are looking for stable capital investment noticed the scarcely supplied Sydney CBD strata office and retail markets, which is looking to bounce back following a disruptive two years.
Mr Lin noted that Asian capital accounted for $53.5 million of the $115 million, with the per square metre rate just shy of $20,000. This is 30% higher than the average rate of $15,240 per square metre.
