Three privately owned terraces in Sydney’s east on the market

Three privately owned terraces in Sydney’s east on the market
Three privately owned terraces in Sydney’s east on the market

Three family-held adjacent commercial terraces in Sydney’s east are on the market, an illustration of the emergence of the area as one of the most tightly held regions for commercial property, according to CBRE.

The terraces at 247, 249 & 251 Bronte Road, Waverley span around 500 sqm and the site has been held by the same family since the 1950’s, previously housing the retail and manufacturing arm of the family’s children’s wear clothing manufacturing business “Ista Fashions”.

Tony Braham of CBRE’s Sydney Capital Markets has been appointed to sell the property.

“With a historically low level of listings currently on market, this retail/commercial offering in the trendy but tightly held Charing Cross/Queens Park shopping strip represents a major generational change in property ownership in Sydney - with many families now considering the sale of their long-term property holdings,” said Braham. 

Falling interest rates, record low yields andlimited stock has contributing to increased buyer competition and rising property values and many property investors hope to cash in on the situation. 

“A number of property investors with generational holdings in Sydney’s east are deeming the current real estate environment as the ideal time to realise their property assets.” 

Braham said buyer interest was expected to be strong for the site.

 

Tags: 
Sydney Retail

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