Private investors Propin Pty Ltd have purchased two freestanding commercial buildings with residential upside on a 1,118.40 sqm site at 631-633 Princes Highway, Rockdale from Barjema Pty Ltd for $5.35m with a yield of 4.13%. The property is currently leased with a net rent of approximately $221,000 per annum.
The property is zoned B4 mixed use and future residential development could be possible, subject to council approval. It is strategically located directly across from the Rockdale Plaza Shopping Centre providing a large amount of amenity to surrounding businesses and residents, and is 500m from Rockdale Train station. Car parking is provided at the back of the site with the property providing rear lane access.
The sale was negotiated by Blair Peterken and Edward Washer, JLL South Sydney.
JLL's Mr Peterken said, "We had over 150 inquiries about this site with multiple offers at the close of the Expressions of Interest campaign. The low yield achieved demonstrates that competition for investment stock is very strong.
"The purchaser is able to capitalise on rental increases over next few years and the potential for residential development in the future."