Corner shop in Sydney CBD leased to cafe snapped up before auction

A ground floor retail shop in the Sydney CBD has been purchased by Lyndal Hale & Kenneth Hale (K +L Hale Pty Ltd) for $910,000 on a passing yield of 5.16 percent pa through Savills ahead of its auction on June 27.

The 28 sqm shop is part of a 10-storey apartment block at Lot 1, 21 Alberta Street.

It was bought from Steven Fragias & Gerasimos Fragias

The corner shop at the southern end of the CBD is leased to Cre Asion café on a new five-year lease, with a five-year option and offers 3.95 sqm of outdoor seating area. The rent is  $47,021 pa.

The deal was negotiated prior to auction by Robert Lowe and David Hickey of Savills Australia.

Robert said the long standing tenant has run a highly successful business for the past six years and also operates the recently acclaimed Japanese restaurant from an adjoining commercial tenancy know as Sasaki.

The corner shop has floor-to-ceiling windows with lot of natural light, an exposed concrete façade and modern timber fitout.

The shop is located within a short walk to CBD streets and St James Station.