Landmark Kings Cross retail outlet sold

Landmark Kings Cross retail outlet sold
Landmark Kings Cross retail outlet sold

The retail outlet underneath the landmark Coca Cola sign in Sydney's Kings Cross has sold to a private trust for $37.3 million, netting the seller a 57% capital gain in two years.

The Kings Cross Centre, 82-94 Darlinghurst Road, currently has 98.5% tenancy, with Coles leasing until 2022.

LJ Hooker Commercial Sydney chief executive officer Warren Duncan said when the Kings Cross Centre was sold in 2013, it transacted on a passing yield of 8.3%, and this week it sold at 6.9%.

"We’ve seen yields compress dramatically over the last 24 months in Sydney," Mr Duncan said.

"The centre was well positioned for capital growth, and tenants were following the changing demographic of the Potts Point area. 

“Adding to the appeal of the Kings Cross Centre is the fact it’s located in one of the most densely populated areas of Sydney, with an estimated 30,000 people living within a square kilometre.”

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

Tags: 
Property Sale Kings Cross Sale

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