Tenanted Balmain Building Sold for $2.5 Million
A fully tenanted, classic style commercial building prominently located in the heart of Balmain in Sydney’s inner west has been sold by Ray White Commercial for $2.5 million.
The property at 268 Darling Street, Balmain, was sold to a private investment company by Ray White Commercial Inner West Principal Tim Morrison on behalf of a private owner for a yield of 6.2 per cent.
Tim Morrison said there was strong interest in the approximately 280 sqm two storey building, which has had renowned Balmain book shop Brays Books occupy a ground floor tenancy for the past 45 years.
“This was a highly sought after investment opportunity as the property returns net income of approximately $155,000 per annum,” he said.
“The building, which is adjacent to Woolworths, offers classic street front exposure with a huge verandah overlooking Darling St.
“A prominent book shop is on the ground floor with two further tenancies on the first floor, including a spacious one bedroom apartment and an office/studio.
“There is also a paved courtyard, a double garage and the property has rear lane access.”