A prime piece of real estate, in one of the most tightly held Eastern Suburbs commercial precincts, is up for grabs with ‘44 At The Spot’ listed for sale through Gunning Real Estate.
Being offered to the market for the first time in over 40 years, the property has been very well received, with an overwhelming amount of prospective purchasers registering interest in the property already.
Harry Sullivan of Gunning Real Estate said the property offers a very diverse opportunity, with a myriad of future possibilities.
“With properties trading on such low returns at the moment, investors are looking for opportunities where they can unlock future value,” Mr Sullivan said.
“‘44 At The Spot’, offers an excellent value add opportunity, and the interest levels are a good indication that prospective purchasers see good value in the offering.”
The property offers vast street exposure, with the 210sqm of land prominently located on the corner of Perouse Road and St Pauls Street.
“Having over 40 meters of street frontage is a very unique quality in this tightly held precinct,” Mr Sullivan said.
“Randwick is a thriving suburb, anchored by the vast amenities and central location, its popularity continues to increase. Furthermore with the introduction of the light rail, which will better connect the area with the eastern suburbs and the CBD, the foresight for Randwick is very positive.
“Configured into nine small tenancies, the property has been home to an array of small businesses and medical consultants over the years, so there is a rich history of startup companies and sole traders within the building.
“The property yields very well in its current configuration, and is ideal for medial and consulting use due to its close proximity to the Hospital and UNSW Medical Campus, so we are seeing strong interest from medical professionals on an individual basis as well as medical professionals forming purchasing syndicates to acquire the property,” Mr Sullivan said.
The property at 44 Perouse Road, Randwick will be auctioned on Tuesday, 4 April 2017 at auctionWORKS, 50 Margaret Street, Sydney at 10:30am.