Fully leased commercial building in Sydney's Edgecliff sells for close to $17 million

A fully leased office/retail building close to Bondi Junction in Sydney has sold for nearly $17 million through CBRE.

It's been bought by interests associated with Brent Maksimovich.

The property at 156 Edgecliff Road in Woollahra went on the market last year.

According to the agents, it sold for a “record yield” over and above the vendors expectations.

The corner property was sold via a public expressions of interest campaign and the final deal was struck at $16,970,352, according to RP Data.

The building has five established tenants and generates net income of $950,000 p.a. Its net lettable area is 1,125.7 sqm with an additional 180 sqm of FSR available subject to council approval.

Designed by Tzannes, the building was completed in December 2010.

The selling agents were Nicholas Heaton and Scott Gray-Spencer of CBRE.

It previously exchanged hands in 2013 for $5,750,000, according to RP Data.