Premium Queen Street, Woollahra commercial space sells for $15.1 million
A premium commercial space on Woollahra's pricey Queen Street has sold this morning under the hammer for $15.1 million.
The street level of 80-82 Queen Street is occupied by linen store Polite Society and kitchen supply store The Bay Tree.
Jocelyn Petroni & Roth Architects take both of the first level office tenancies. The current net income $477,000 per annum (approx).
It was sold by Pozetu Pty Ltd, directed by Sam Ballas, the polo playing property developer.
The building, spanning three street frontages on 405 sqm, is bound by Queen Street at the front, Halls Lane at the side and Smith Street at the rear.
Ray White Woollahra agent Ben Vaughan sold the property in conjunction with Confidence Property's Bryce Ibrahim.
There were eight registered parties, although only two got to bid after the opening $12 million offer. A caveat on the title was subsequently registered by Backas Pty Ltd, a company directed the Maple-Brown family, founders of Rockend.
Down the road a gutted shop at 148 Queen, along with 146, sold a week before its scheduled Savills auction for around $5.6 million in conjunction with Raine & Horne Double Bay's Peter Starr.
It had previously been the home of the DeCosti seafood shop.