- The Princes Highway property was noted as 'highly suited for a residential development'
- The Legion Cabs HQ was acquired by an owner-occupier
- The acquisition is possibly a reflection of the tight industrial and commercial market in Sydney's south
Taxi company, Legion Cabs, has sold its Southern Sydney headquarters for $18 million.
Located at 137A Princes Highway in Wolli Creek, the 3,692 square metre site is currently the home of Legion Cabs, and includes a showroom.
An owner-occupier has acquired the site, in a sign of the times.
“Despite being highly suited to a residential development, the property’s sale to an owner-occupier provides an insight into the lack of quality buildings within Southern Sydney,” said Colliers‘ Trent Gallagher, who with Edward McFarland, sold the property.
“The scarcity of industrial and commercial offerings in the heart of inner core South Sydney has compelled owner-occupiers to venture further to southern markets in search of alternative options that align with their specific business needs and operations,” McFarland added.
The property
Located on a prime corner position, the property comes with B4 Mixed-Use zoning and a height limit of 31 metres.
It is also located within walking distance of Arncliffe and Wolli Creek train stations, and is close to many amenities, green space, the Kogarah Golf Course, and Sydney Airport.
“The sale is a great outcome for Legion Cabs and its membership and will allow Legion Cabs to continue its operation in a more suitable premises,” said Legion Cabs Chairman, Sam Karnib.
“Legion Cabs is a significant player in the taxi industry and has a long-standing history, having been established by ex-servicemen and women following World War 2.
“The sale of the building will allow Legion Members to realise the value of the business they have worked so hard to build over many years.”
The residential opportunity
Had the property gone in the direction of residential, SQM Research data for the postcode 2205 (including Arncliffe and Wolli Creek) shows fewer than 200 total property listings and only 58 under 30 days.
The latest weekly asking prices for houses in the area have been floating between $1.2 million to $1.5 million, with units around the $770,000 mark.
Weekly asking prices for 2205
As for rentals, the total weekly rental listings is 170, with those under 30 days at 136. The latest vacancy rate is 1.8%.
Vacancy rates for 2205
Rental yields, according to SQM, for the postcode 2205 are around 5.5% for units, and 3.7% for houses.
Property gross rental yield for 2205
