A landmark high-profile investment at 55-59 Parramatta Road in Lidcombe hits the market and is expected to achieve a price of above $10 million – representing a net yield of over 6%.
The Adidas-anchored fully leased asset comes with a net lettable area of 2,595m2 on a prominent corner block of 2,004m2 and is being offered to the market via an expressions of interest campaign.
The property is being marketed and sold by Ray White Commercial Western Sydney Senior Sales Executive Jai Sethi, Managing Director Peter Vines, and Asian Investment Services Director Victor Sheu.
“We foresee interest from a range of different buyers as the building has a really prominent signage opportunity at one of Sydney’s busiest intersections. The potential to value-add, reposition or redevelop with bonus FSR available for specific developments (subject to council approval), will also really appeal to the investment market.” Sethi said.
“The property also benefits from the high exposure corner position on Parramatta Road which accommodates over three million commuters every year.”
“This fully leased asset represents a highly sought-after opportunity to acquire a secure investment with projected future upside in the epicentre of the Parramatta Road bulky goods retail corridor,” Vines said.
“This high-profile freehold building is anchored by a blue-chip multinational tenant, Adidas, and the building is further occupied by a balanced tenant mix offering multiple income streams. The net passing income is $693,338 with the potential to increase.”
“Surrounding areas have been a real hive of activity recently and deals like the recent $129.5 million sale of Auburn Central shopping centre tells us that Lidcombe and areas around this suburb are becoming a real attraction for the investor market.” Sheu said.
Expressions of interest close on Wednesday 17 March 2021 at 3pm (AEDT).