A freestanding office building in the heart of Sydney’s Upper North Shore has sold for $22 million to a private investor.
The freehold property at 22-28 Edgeworth Ave, Hornsby, received strong interest due its fully-leased nature and future residential development potential.
The four-level commercial office building sold with a passing initial yield of 5.68% and a rate of $6,274 per square metre, setting a new benchmark for the Upper North Shore precinct.
At 100% occupancy, the property offered a diverse income stream, underpinned by longstanding tenancy to its ground-floor medical centre and Royal Wolf Trading, with no tenant accounting for more than 23% of gross passing income.
The sale was managed by Knight Frank’s Tyler Talbot, Richard Garland, and Brett Burridge on behalf of Abacus Property Group, in conjunction with Savills.
Knight Frank Director of Commercial Sales Richard Garland said the sale was an example of the high level of investment demand for office buildings located in Metropolitan Sydney.
"The tightly-held markets of the Sydney CBD and North Sydney are forcing investors to consider other growth areas throughout Sydney," he said.
]The four-level commercial office building comprises 3,506.5 square metres, and includes a ground-floor medical centre, a 1.5-level basement car park for 73 vehicles, and three levels of office space.
Located in one of Sydney’s best serviced metropolitan markets, 22-28 Edgeworth Ave is situated only walking distance to Hornsby & Waitara railway stations, with close proximity to Hornsby’s commercial core, Westfield Hornsby shopping centre, and Hornsby and Mt Wilga Hospitals.
22-28 Edgeworth David Avenue is located on the south-western corner of the intersection of Edgeworth David Avenue and Romsey Street in Hornsby.
Hornsby is approximately 27 km north west of Sydney CBD, easily accessible by established rail and road infrastructure.
