Clovelly beachside asset breaks local records before auction

A freehold building in Sydney's beachisde suburb of Clovelly has sold to a private investor and owner occupier for $2.92 million with a yield of 0.5 percent.

The property, 338-342 Clovelly Road, is opposite the Clovelly Hotel and has two retail shops, two residential apartments and a land area of 455.3 square metres.

The property sold before auction through Matt Pontey and Miron Solomons of Colliers International, with a record 150 enquiries in the first few weeks of the campaign commencing.

Matt Pontey said there have been limited opportunities in the Clovelly area over the last 12 months and interest was received from High Net Worth owner occupiers, private investors, syndicators, value-add specialists and ambitious developers.