- Site was sold through AuctionWORKS
- Ben & Jerry's are among the tenants
- Sales enquiries totaled 400 prior to the auction
Situated on a prominent corner across from Manly Beach, a retail property has sold for $15.7 million through a public auction with AuctionWORKS.
Five tenancies are located over seven lots at 25-27 South Steyne, Manly resulting in a net leasable area of 433sqm.
The fully leased site includes a range of local and international tenants such as Ben & Jerry’s, Manly Fish Market, Manly Fish Café, Blind Barrel and Ezymart.
According to CBRE, the annual rent income is $731,161.
Toby Silk, Aaron Arias and Nicholas Heaton of CBRE hosted the online auction.
According to Mr Silk, 400 enquiries were received throughout the sales campaign, which included local, national and international investors along with occupiers and syndicators.
“Recent times have seen metro markets like Manly strengthen, with people working from home and frequenting local eateries,”
“There has been an increase in people moving to the Northern Beaches in search of a better lifestyle – including expats – which has driven property price growth across asset classes. The buyer purchased the property as a passive investment, providing a strong return.”
Toby Silk, CBRE
The purchase price is significantly higher than many other comparable retail sales in similar areas – such as Lot 14, 1 – 3 Moore Road, Freshwater, north of Manly, which sold for $3 million.
The 4.66% yield for the site reflects a positive trend in Manly and surrounding areas, added Mr Silk.
“A historical low cash rate of 0.1% – which was introduced in November of last year – has provided a boost to the property market, with significant yield compression as a result,” he said.
