Fully Tenanted Balmain Freehold Sold for $2.6 Million
A fully tenanted freehold commercial building at Balmain in inner-western Sydney has been sold by Ray White Commercial Inner West for $2.6 million after being put on the market for the first time in 40 years.
The 506 sqm building at 13 Beattie Street, Balmain, was sold to a Melbourne-based investment group by Ray White Commercial Inner West Principal Tim Morrison on behalf of Trimat Pty Ltd for a yield of approximately 7.25 per cent.
Tim Morrison said there was considerable local and interstate interest in the freehold investment opportunity with retail and commercial suites.
“The building is currently fully leased with five tenants generating rental income of more than $200,000 per annum,” he said.
“The property is strategically located close to Woolworths, the adjoining council car park and has direct access to a walkway through to Darling St.”
Tim Morrison said while the property is to be held as an investment, there are redevelopment opportunities subject to council approval (STCA).
“The building is on a land area of 411 sqm and is currently zoned B2,” he said.