Double Bay $4.425 million retail sale after three years trying
A New South Head Road Double Bay retail offering sold at its recent auction for $4.425 million to a local investor.
It last sold at $1.585 million in 1992 to the South Australian Investment Corporation, a trustee company directed by Jennifer Pridmore, John Hugo, Victor Hugo and Allan Farrer.
Its represented 5% annual growth over the 21 years.
Close to the much anticipated $110 million Kiaora Lands redevelopment, it was offered vacant possession. The 425 square metre site has a 520 square metre nla.
The building has been occupied by Double Bay Clothing Warehouse for 23 years, according to the marketing.
Its been on and off the market since 2010.
"This is the perfect time and opportunity to capitalise on this significant adjoining development and rare freehold opportunity in the heart of Double Bay," the marketing by Miron Solomons and Warren Duncan from City Commercial Property said.
