South Sydney food retail sale at $11.5 million
South Sydney is growing a significant precinct for ‘foodies’, with numerous high-end cafes, restaurants and food outlets already in place and with more to come.
Divercity, a significant Waterloo retail offering in the middle of South Sydney’s growing food-retail precinct, at 830-850 Bourke Street, has just been sold for $11.5 million.
Goldman Sachs and Fortress sold Divercity to an experienced private investor.
The property features 18 retail shops varying in size from 50 square metres to 150 square metres, surrounding a plaza, with the potential for further subdivision or amalgamation.
The site includes five high-profile main road showrooms, and also four two-level commercial suites with security parking that will overlook a park being developed on an adjacent site.
Knight Frank’s Director of Sales and Leasing for South Sydney, Daniel O’Brien, along with Knight Frank’s Brett Burridge, Senior Director of Commercial Sales, managed the sale on behalf of Fortress / Goldman Sachs to an investor who has other properties in the area.
The property at 830-850 Bourke Street sold in a week after it was shown to three local investors.
Nearby food outlets include:
* East Village – 4 Defries Ave, Zetland – retailers include Coles and Bowan Island Bakery
* Kitchen by Mike – 85 Dunning Avenue, Rosebery – restaurant
* Pizza Mario – 36 Morley Avenue, Rosebery – restaurant
* Simon Johnson – 24A Ralph Street, Alexandria – providores’ market
* Fratelli Fresh – 52 Mitchell Road, Alexandria – fresh produce and restaurant
* Bread & Circus – 21 Fountain Street, Alexandria – high-end wholefoods café
