Home of Fitness First Rockdale and bikie gang crime site sold for $22 million
The home of Fitness First Rockdale and the site of the shooting murder of former bikie boss Mahmoud “Mick” Hawi in South Sydney has sold for $22 million.
Australian Unity Limited sold the property at 395 West Botany Street, Rockdale, at a net annual passing yield of 6.6 per cent.
The 3816-square-metre building, which comprises a freestanding single-level gymnasium and a bulk goods retail facility, is fully leased to Fitness First and Repco on seven-year and five-year leases respectively.
It sits on a 7206sq m site and comes with 123 car spaces.
The property adjoins other large format retail properties occupied by Bunnings, Anytime Fitness and John R Turk and is close to Rockdale Plaza, about 17 kilometres from the Sydney CBD.
Buyers were attracted to the long weighted average lease expiry of 6.46 years, Colliers International’s Trent Gallagher said.
Mr Gallagher brokered the deal with colleagues Michael Crombie and Harry Bui, selling the property to a private local family.
Value rises despite notoriety
In February this year, former Comanchero national president Mr Hawi was gunned down in the carpark of the gym just after his workout at around noon.
The shooting came after Mr Hawi, who was convicted of the Sydney Airport murder of Hells Angel associate Anthony Zervas, was released from jail in 2015 following the downgrade of the murder charge to manslaughter.
While the gym has had a history of bikie gang-related fights and crime going as far back as 2008, the property has risen in value.
Australian Unity acquired the property for about $14 million in 2006.
