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Sydney investors turn attention to NSW’s Central Coast

Finance Markets / Latest Activity

Australia / Sydney

Nov 26 2018

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A Terrigal restaurant and apartment has sold for $3.35milion, highlighting the prices prospective buyers are willing to pay for retail assets on the Central Coast.

Savills Australia’s Aaron McLean brokered the deal on behalf of the locally based vendor, achieving a rate of $5,135.85 per sqm and an initial yield of 5.15 per cent.

“We were pleasantly surprised by the level of enquiry from both Sydney-based and local investors and developers,” he said.

“We received 66 direct enquiries for this campaign, with a total of nine offers submitted.”

Mr McLean said the successful buyer, a Sydney-based investor, was attracted to the property for its prime location and future development upside.

“The buyer’s family regularly visits Terrigal as their favourite ‘Sydney getaway’ destination so they will use the four-bedroom apartment for family holidays, while holding on to the renowned Le Chat Noir restaurant as the retail tenant,” he said.

“In the future, they will more than likely look into the development possibilities the site has to offer.”



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