Bowral Newsagency sells under the hammer on 4.1% yield

A 94-year old local newsagency in the Southern Highlands town of Bowral has sold under the hammer at Burgess Rawson’s  Sydney Portfolio Auction for $2.88 million on a net yield of 4.1%.

The freehold property at 313 – 317 Bong Bong Street is in the heart of Bowral’s bustling retail precinct.

It was listed for the first time in nearly a century.

It is on a short term lease to Cameron’s Newsagency and currently produces a net income of $118,115 per annum.

The auction was on October 31. The newsagency was one of 12 assets to go under the hammer at Burgess Rawson’s Sydney portfolio auction.

The selling agents were Simon Staddon and Sam Horwitz of Burgess Rawson.

Staddon said the 470 square metre land area offers future development potential.

“Bowral just 1.5 hrs drive south of Sydney is a vibrant town with an affluent demographic of long-standing residents and an increasing number of empty nesters from areas like Sydney’s Eastern Suburbs, which has led to a thriving commercial precinct with little to no retail vacancy,” he said.