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Sydney property market a hive of activity

Property Markets / Transactions

Australia / Sydney

Mar 05 2018

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A flurry of activity outside of Sydney's CBD has seen the sale of two separate retail outlets in Ashfield, the Engadine Tavern listed for sale in Sydney’s south and a potential blank development site in Mascot enter the market.

The Mascot property at 573 Gardeners Road is being managed by Knight Frank. 

The property, located in a mixed-use zoning area, is around 2788 sqm, with the possibility of yielding up to 85 apartments. 

The site - which is expected to sell for around $20 million - currently includes a two-storey commercial and industrial building which features a ground floor showroom, storage, reception, offices space and a first floor workshop.

The Engadine Tavern has entered the market via CBRE, after being owned by the Liddy family for 39 years. 

Expected to sell for $27.5 million, the tavern is located on a 5576sq m site, across five lots, with the redevelopment potential up to a 20-metre height and a floor space ratio of 2:1. 

Cushman & Wakefield sold two retail sites in Ashfield, as one package to an Australian investor based offshore.

The sites are located on Liverpool Road and currently host an ANZ Bank branch and Chemist Warehouse outlet.

The 789sq m Chemist Warehouse sold for over $8.88 million, and generates an annual net income of $420,000 and a 4.89 percent yield.

The second site sold for $5.65 million, with a yield of 4.4 per cent.

The Woolloongong Catholic Dioceses bought a 44.14-hectare site at 570 Picton Road for $17.34 million, from a private owner in Wilton.

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