Rare mixed-use building in Palm Beach tipped to fetch more than $8.5m
A rare parcel of shops has come up for sale in the exclusive northern Sydney beachside suburb of Palm Beach.
The block at 1105 Barrenjoey Road, consisting of five retail premises and three townhouses with water views, has already attracted interest from Australian and overseas buyers, said listing agent Claudio Marcolongo, of LJ Hooker Avalon Beach.
He is expecting a sale price of more than $8.5 million for the entire parcel, which was built 24 years ago by the current owners.
This number of shops being sold together was unprecedented in Palm Beach, he said, adding that the amount of time between individual shop sales in the suburb was “at least 10 years”.
“In terms of commercial property, there’s pretty much nothing for sale in Palm Beach, it’s very tightly held,” Mr Marcolongo said.
The shops, which make up a large proportion of the total number in the suburb, are all tenanted and include a real estate agency, homewares store and gallery, and together are currently yielding an annual gross income of $135,000.
The commercial premises operate on a separately approved stratum to the adjoining townhouses, allowing each asset class to be handled separately.
The property can either be bought as individual lots – likely to yield a higher price for each town house – or in a line, with investors, businesses and residential buyers expressing interest so far, Mr Marcolongo said.
The complex consists of three townhouses. Photo: Supplied
The three-to-four bedroom townhouses, which range in size from 406 square metres up to 540 square metres, feature double lock up garages with internal access and roof level entertaining terraces and are each currently tenanted for $1100 a week.
“The residential market has been pretty strong, and…there’s nothing of this sort up in that location,” Mr Marcolongo said.
“The townhouses are like new, they’re huge.”
The townhouses may be sold as separate offerings. Photo: Supplied
- 1105 Barrenjoey Road, Palm Beach, is for sale by expressions of interest closing mid-December.
