Real Estate

Two neighbouring Narrabeen shops sell a few days out from Christmas

Written by The ReReport
As seen in the Source link, written by on 2019-01-10 00:04:13

Strong sale — 1320 Pittwater Rd, Narrabeen.

While shoppers were out and about in the weeks leading up to Christmas, savvy investors were still combing the northern beaches for good commercial buys.

And they were still buying in the lead-up to Christmas Eve. Two neighbouring shops in Narrabeen sold at auction for a collective total of $1.35 million to investors.


Michael Vanstone of Burgess Rawson, said the sales showed the area remained a commercial property hot spot.

Shop 1 at 1320 Pittwater Road in Narrabeen, which is leased by real estate agency Laing + Simmons, sold for $655,000 on a 5.79% yield while Shop 2, a long-term optometrist-occupied site, sold for $650,000 on a 5.77% yield.

Mr Vanstone said the properties represented “robust investment value in a tightly held region”.

“Quality retail investments such as this, that are within affluent beachside suburbs, are extremely rare to come by and with these assets offering long-term trading history of eight and 20 years, the new buyers can be at ease knowing the security of their investment,” he said.

“Narrabeen is an iconic beach known for a consistent surf break and both properties are located in the town’s vibrant retail strip alongside Commonwealth Bank, H & R Block, Anytime Fitness, Myride Cycles, Baker’s Delight and Woolworths.

“Boosting the investment appeal, each shop has fantastic visibility with 30,000-plus vehicles passing daily — the foot traffic in this area is high, which bodes particularly well for the tenants and buyers alike.”

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Both properties on Pittwater Rd are tenanted on new five-year leases to 2023, with options to 2028. Laing + Simmons have recently undertaken a high-end refurbishment in Shop 1, and the optometrist in Shop 2 has a strong trading history of 20 years from the site.