Strathfield's Symond Arcade sold for $30 million plus
Symond Arcade, on Churchill Street, named after the father of Aussie Home loans founder John Symond – who built it – has sold to a private investor for $30 million or so.
Whispers suggests it could have gone as higher.
The arcade is located directly next to Strathfield Plaza.
The block of 12 shops and 14 offices next to Strathfield Plaza had been scheduled to go to auction on Tuesday.
But it was pulled at the last minute when the Freyer family accepted an offer – understood to be well over the $25 million reserve price.
It sold far in excess of that, so the owners were happy, listing agent Robert Pignataro of Strathfield Partners said.
Robert said the 3 per cent yield represented by the sale price was typical of yields in the Strathfield area, where retail investments were usually between 3 and 4 per cent.
The property currently has a net rental income of about $918,691, with tenants responsible for all outgoings.
