Tenanted Retail Building Sold for $1.25 Million
A tenanted commercial building prominently located in the heart of Balmain in Sydney’s inner west has been sold by Ray White Commercial for $1.25 million.
The building at 491 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 who had held the property for more than 50 years. The yield was 4.1 per cent.
Tim Morrison said there was strong interest in the approximately 180 sqm two storey mixed use property, which comprises a ground floor retail shop currently leased to a newsagency plus a first floor two bedroom apartment.
“This was a highly sought after investment opportunity as the property returns net income of approximately $52,000 per annum,” he said.
“It’s ideally located on the busy retail strip of Darling St with high pedestrian and vehicular traffic.
“The property is also close to the Sydney CBD with quick and easy access to the major commercial hubs along Victorian Road and City West Link.”