Glebe institution IKU Wholefood under the virtual hammer

INVESTORS and owner-occupiers have an incredible chance to snap a Glebe institution as the popular IKU Wholefood heads to online auction at 25A Glebe Point Road.

The asset, that has been servicing the people of Sydney since 1985, is still operating on an expired lease and the tenants are willing to resign a new deal.

The property is being marketed and sold by Ray White Commercial Sydney City Fringe Principal Kristian Morris and Sales and Leasing Associate Lachlan Palm.

Mr Morris said the asset offered owner-occupiers and investors the opportunity to acquire a freehold building with heritage features over three levels in a prominent city fringe location.

“This property is perfectly positioned on the tightly held Glebe Point Road offering Sydney’s trendiest cafes and restaurants,” Mr Morris said.

“IKU Wholefood first opened its doors at Glebe in Sydney in September 1985 and it was founded on the premise that if you eat a well-balanced diet you’ll have a well-balanced life.

“It’s in an area that is filled with heritage buildings of charming architecture, adjacent to Australia’s major tertiary institutions, and opposite the popular Glebe weekend markets.

“Assets like this are highly sought-after by investors and owner-occupiers because it’s pretty rare for one to be available on what is a very tightly-held strip.”

Mr Palm said Glebe had undergone significant gentrification in recent years and had become a high-demand suburb for both residents and businesses alike.

“Home to Wentworth Park, Sydney Fish Market and The Tramsheds, the neighbourhood has direct access to an array of local amenity,” Mr Palm said.

“Surrounded by universities and just moments from the city, Glebe has a demographic primarily consisting of young professionals and students.

“25A Glebe Point Road holds a premier position with tremendous exposure to both pedestrian and vehicular traffic and will appeal to a wide array of demographics.”

*Approximately.