Investor pays $4,375,000 for a mixed-use Leichhardt retail premises

An investor negotiated post-auction to pay $4,375,000 for a prime mixed-use Leichhardt building.

The property at 122-128 Marion Street, offered for the first time in nearly four decades, is located 50 metres from the entrance to Leichhardt Market Place.

It is fully leased to five separate tenants with an annual net passing income of $223,678.

Italian restaurant Frattini, Bar Passalacqua, Jump! Swim School and Trassit Hair Studio occupy the building.

The 505 sqm site, with 605 sqm of net lettable area, was marketed as having future development upside.

Ray White Commercial NSW agents Kristian Morris and Lachlan Palm secured the sale.

Morris said it was rare for a tightly-held Inner City freehold investment to come available and it also offered excellent positioning, being just six kilometres west of the Sydney CBD.

“We had five registered bidders battling it out on the day, with the property selling for more than $800,000 over the opening bid,” Morris said.
 
“The two-storey mixed-use building also offered the opportunity to redevelop with holding income and has a net $223,678.51* of passing income.
 
“The property by itself represents a corner site both for value-add, as well as potential redevelopment, subject to council approval.
 
“The asset's address and title identify a frontage facing Marion Street, however the property's exposure extends around the corner to Edith Street with rear access, parking and loading. 

“It's surrounded by public transport with buses and light rail, with direct access to Parramatta Road and walking distance to Leichhardt marketplace, anchored by major retailers such as Woolworths and Aldi.”