AN INVESTOR has beaten off strong competition as 122-128 Marion Street in Leichhardt sold for $4,375,000 after successful post-auction negotiations in Sydney.
The freehold leased investment had a 605sq m* building size and 506sq m* land area and offered investors future development upside.
The property was marketed and sold by Ray White Commercial NSW – Sydney City Fringe Principal Kristian Morris and Sales Associate Lachlan Palm.
Mr Morris said it was rare for a tightly-held Inner City freehold investment to come available and it also offered excellent positioning, being just 6km* west of the Sydney CBD.
“We had five registered bidders battling it out on the day, with the property selling for more than $800,000 over the opening bid,” Mr Morris said.
“The two-storey mixed-use building also offered the opportunity to redevelop with holding income and has a net $223,678.51* of passing income.
“The property by itself represents a corner site both for value-add, as well as potential redevelopment, subject to council approval.
“The was an excellent investment opportunity with tenants including Bar Passalacqua, Frattini Restaurant, Jump! Swim School and Trassit Hair Studio.
“The asset’s address and title identify a frontage facing Marion Street, however the property’s exposure extends around the corner to Edith Street with rear access, parking and loading.
“It’s surrounded by public transport with buses and light rail, with direct access to Parramatta Road and walking distance to Leichhardt marketplace, anchored by major retailers such as Woolworths and Aldi.”