Nick Scali buys property in Sydney's Manly Vale for $6.2 million
Furniture retailer Nick Scali Limited has acquired a site in Sydney’s Manly Vale for $6.2 million.
The 1 Kenneth Road property is a mixed-use site with potential for further development.
Nick Scali said in its half-yearly report that the company had committed to acquire a property at Manly Vale (NSW) for a purchase price of $6.2 million, excluding statutory costs. It had paid a deposit of $620,000 and the property would settle after December 31.
The total land area of 1 Kenneth Road & 265 Condamine St is 1,553 sqm. It has dual street access.
It is a rapidly growing residential area with neighbouring properties approved for shop top development, says the description. The area has numerous housing developments, providing for an ideal setting for a furniture retailer, such as Nick Scali.
The deal was brokered by Raine & Horne Commercial’s Vincent West.