$40 million OTP retail sale at Opera Residences
The four levels of shops and restaurants at the base of the luxury apartment project Opera Residences, overlooking Circular Quay, have been sold off the plan for more than $40 million to a private Sydney family.
The off-the-plan deal for 980 square metres of prime retail space at 71 Macquarie Street was struck on a sub-4 per cent yield. It was listed back in October.
The retail space has already been pre-committed to high-end fashion brands, including a two chefs' hat-restaurant and an international restaurant chain.
There is an 19-level tower being developed by Chinese developer Macrolink in partnership with Kevin Li's Landream.
Opera Residences set a new Australia apartment record last year when the penthouse sold for $27 million to Robert Salteri and his wife Kelly.
Demolition of the former 1960s Coca-Cola Amatil office building is almost complete with Opera Residences due for completion in 2020.
Opera Retail was marketed by Knight Frank, JLL and Belle Property Commercial.
