- Baldivis property sold for $49M
- Lane Cove arcade sold for $13.888M
Some $63 million was spent in recent weeks on commercial property across the country.
Sydney sells Lane Cove Arcade
Rosenthal Arcade’ at 79-83 Longueville Road, Lane Cove was recently sold.
Located on Sydney’s Lower North Shore, the property was sold under the hammer for $13.88 million on a 4.8% yield.
The site is 734 square metres, with an approximate net lettable area of 1,689 square metres across three levels.
The area has considerable potential, Savills Australia’s Residential Site Sales Director, Stuart Cox, said “demand has certainly remained strong for safe haven Lower North Shore assets and over the last five years,”.
“Lane Cove has undergone significant restructuring from former low-density housing, to now proudly providing over 1,900 newly completed medium and high-density dwellings and is fast becoming one of Sydney’s most desirable suburbs to both live and work.”
Stuart Cox, Savills Australia Residential Site Sales Director
“The existing retail and commercial building is currently 80%* leased and there is significant value uplift for the future owner in securing future tenants for the vacant commercial suites situated on levels 1 and 2.”
Perth Bunnings sells to Charter Hall
Bunnings, on the corner of Safety Bay Road and Baldivis Road, has been sold to Charter Hall.
Sold by Savills Australia, from Acure Asset Management, the property was sold for $49 million.
Originally purchased by Acure for $29.25 million in 2015, the asset was then tenanted by hardware store Masters, the company exited the market in late 2016.
The property is not solely tenanted by Bunnings, it is also home to Petstock; the total gross lettable area is 15,443sqm and a site area of 34,000sqm.