One of the largest privately held buildings in Double Bay, 377 New South Head Road for sale by Grant Whiteman of Ray White Commercial Eastern Suburbs and Miron Solomons and Matt Pontey of Colliers.
One of the largest privately held buildings in Double Bay, 377 New South Head Road for sale by Grant Whiteman of Ray White Commercial Eastern Suburbs and Miron Solomons and Matt Pontey of Colliers.
In what is undeniably Australia’s hottest and highly sought after markets, Double Bay is again going to test the appetite for both investors and owner occupiers with another prominent freehold asset set to hit the market.
One of the largest privately held buildings in Double Bay, 377 New South Head Road shall be offered for sale by way of Public Auction and will undoubtedly capitalise on the record breaking Auction last month when Aussie home loans founder, John Symond secured a large commercial building for $21 million.
The five storey commercial building of over 1,500 square metres is being handled by Miron Solomons and Matt Pontey of Colliers in conjunction with Grant Whiteman of Ray White Commercial Eastern Suburbs.
Prominently positioned on New South Head Road the building was constructed in 2015 and has long been home to established tenants BeFit Training & Physio, Universal Health and Edge Offices providing a net return of over $1 million.
“Not only do you have one of the best buildings in the Bay, it is possibly the most diverse cash flow offerings I have seen outside of any core CBD asset” said Mr Solomons, National Director of Colliers.
He continued, “This ticks every box for Investors, Owner Occupiers, lenders and more in our market. A New building with depreciation, Outstanding Position, multiple income stream from quality long term tenants. You just don’t get the opportunity to purchase newly built office buildings in the Eastern Suburbs.”
Matt Pontey, Director, Colliers said “The asset provides an excellent mix of retail and commercial with expansive common areas throughout the building including oversize balconies overlooking the buzzing Kiaora Place”.
“This is the first Freehold of this calibre we have seen offered in on this side of New South Head Road since the completion of The Joint Venture Kiaora Lands Shopping Precinct by Woollahra Council and Woolworths which includes a Woolworths Supermarket, 400 car spaces, Public Library and a fantastic mix of retailers, cafes and restaurant offerings. The Precinct is absolutely booming and with direct connection via the buildings arcade it is the ultimate drawcard for owner occupiers and tenants alike” he said.
Grant Whiteman, Managing Director of Ray White Commercial Eastern Suburbs said “it’s obviously all eyes on Double Bay in 2021. The area has seen incredible growth in demand from investors, developers and owner occupiers looking to capitalise on the shift in lifestyle throughout 2020”
He continued, “Our sale of 356-366 New South Head Road proved that shift is here to stay. Interestingly the demand was not limited to local buyers but new entrants to Sydney from interstate which demonstrates the return of investors to strong, resilient and proven markets”
The property is tipped to exceed the sale of 356 New South Head Road which sold for $21 million to John Symond with the same diverse range of candidates expected to vie to secure their own foothold in this exciting market.
377 New South Head Road, Double Bay will be offered for sale by way of Public Auction on Thursday, 20 May 2021 through Colliers and Ray White Commercial Eastern Suburbs.
To request a copy of the Information Memorandum please contact one of the marketing agents via the contact form below.