- Shop 1, 55 Lavender Street, Milsons Point, was sold for $1.03 million – equating to $35,517 per sqm
- Property was sought after by super funds and local investors
- Interest rates not expected to dampen commercial property in the short term
A bolt-hole café situated at the base of Latitude, Mrivac’s harbourside development, has changed hands at a record rate.
Shop 1, 55 Lavender Street, Milsons Point, was sold for $1.03 million – equating to $35,517 per sqm. This is a new dollar per square metre record not just for Milsons Point, but also for North Sydney.
Colliers‘ Tom Appleby and Beau Mayer sold the asset on behalf of Oriental Cool Pty Ltd, which has views of the Harbour Bridge. Latitude is also home to a range of well-known personalities such as Keith Urban and Nicole Kidman.
The buyer has not been disclosed.
“The sale is a testament to the market’s confidence in the local area. We’ve noticed a strong uptick in buyer sentiment for similar retail offerings, especially in vibrant metropolitan hubs such as Milsons Point, which surged in popularity during the pandemic” Mr Mayer stated.
“The property was highly sought after by self-managed super funds and local investors who lived in the neighbourhood.
“Buyers were particularly drawn to the prestige associated with the building, as well as the area’s growth prospects, with a number of luxurious apartments slated for development.”
Beau Mayer, Colliers
Local commercial market to remain strong, despite interest rate rise
Although the Reserve Bank (RBA) has lifted the cash rate and is expected to do so again this year, the low interest rate environment is expected to drive demand for commercial property investments.
Colliers has signalled Sydney’s Lower North Shore as an area where this will be the case, noting a range of private and government investment such as the Sydney Metro.
The news comes as Colliers recently sold the Guylian Chocolate Café for $11.5 million, culminating in a rate of $153,358 per sqm – a record rate at the time, which itself had broken a record of $132,558 for a nearby retail asset only sold a month prior.
