Ashfield retail sells for combined $14.53 million

Cushman & Wakefield have sold two adjacent retail properties in the heart of Ashfield, Sydney, for a combined $14.53 million.

Both sites were sold to high net worth Australian investors based offshore, on behalf of the Sydney based private developer of the mixed-use Lumina project.

The sites on the high street retail strip on Liverpool Road in Ashfield are currently in use as an ANZ Bank branch and Chemist Warehouse outlet, each with long terms leases in place:

• Chemist Warehouse 1/270 Liverpool Road, Ashfield, Sydney: The retail space located on Liverpool Road, in Ashfield, sold for over $8.88 million, with a recently signed 10 year lease and option to extend. The 789 sqm retail site is currently occupied by pharmaceutical retailer Chemist Warehouse, generating annual net income of $420,000 and a 4.89% yield.
• ANZ Bank 2/270 Liverpool Road, Ashfield, Sydney: The 274 sqm site located at 2/270 Liverpool Road in Ashfield sold for $5.65 million representing a yield of 4.4%. The site, occupied by ANZ Bank, comprises a new building with a 7 year lease, and generates a net annual income of $240,625.

The sale was managed on behalf of a private investor, and developer of the Lumina project by Cushman & Wakefield’s Director, Sales and Investments, Anthony Bray.

Belle Property have just listed three retail spaces in the new Ashfield Central development.