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

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

Tags: 
Sydney Savills

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