Hong Kong investor snaps up retail store in Sydney's The Quay
A retail store in Sydney’s newest economic precinct, The Quay, has been sold for $2.95 million to a Hong Kong investor.
Shop 7, at 61 to 79 Quay Street is 82 square metres and is located near Central Station, Darling Harbour and Chinatown. It is currently being leased by the Chinese noodle bar- Two Sticks, on a new five year lease with two five year options. Two Sticks became popular in Sydney after opening a store in George Street earlier in the year.
The space will receive $180,000 per annum in gross rental income and comes with a fixed four percent annual increase.
The property was sold by Andy Hu of Knight Frank, on behalf of Connoisseur Investment. Hu said properties such as these are rarely put on the market.
"We have seen a large number of offshore investors especially from Hong Kong, actively searching for quality prime strata retail investment opportunities and the investment yield has tightened further due to limited supply on the market," Hu says.
