Glebe Commercial Investment Sold at Auction for $3,574,000
A tenanted commercial building prominently located in a corner position in the heart of Glebe in Sydney’s inner west has been sold by Ray White Commercial for $3,574,000.
The building which consists of two separate restaurants and a three-bedroom apartment at 142 Glebe Point Road, Glebe, was sold to a private investor by Ray White Commercial Inner West Principal Tim Morrison in conjunction with Belinda Cassano of Coopers Agency.
Tim Morrison said the property was sold under the hammer at the in-room auction on behalf of a private investor for a yield of approximately 4.75 per cent.
“We had a terrific response to the marketing campaign for this investment opportunity in a highly visible corner position which is returning net rent of approximately $170,000 per annum,” he said.
“Eight contracts were issued and there were three registered bidders at the auction. It was a great result for all concerned.”
Ms Cassano said the approximately 400 sqm, two level building is leased by two restaurants, which both have a strong takeaway component and an allocated garage.
“The upstairs apartment has recently been refurbished,” she said.
“The property is ideally located near the light rail network and is walking distance to the University of Sydney, University of Technology Sydney, Royal Prince Alfred Hospital and the Broadway shopping centre.”