338-342 Clovelly Road sells before auction.
Colliers International has sold a prominent Clovelly freehold building directly opposite the popular Clovelly Hotel to a private investor and owner occupier for $2.92 million at a record breaking yield of 0.5 per cent.
Located less than 200 metres from Clovelly Beach, at 338-342 Clovelly Road, the property consists of two retail shops and two residential apartments with potential to reconfigure to create a third and sits on a substantial land area of 455.3 square metres. There is holding income with two retail tenancies.
Popular with young families and professionals due to its close proximity to the CBD, Clovelly is a popular and tightly held beachside locale within Sydney’s highly affluent Eastern Suburbs.
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.
According to Matt Pontey, Senior Executive, Sydney Metro Sales for Colliers International, “This was a highly sought after property and the sale price and level of enquiry demonstrates the market’s appetite for quality Eastern Suburbs freehold investments”.
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.
Off the back of the recent auction success of 124 Campbell Parade, Bondi, which sold for $19.12 million through Miron Solomons and Matt Pontey, Mr Solomons, Director of Investment Sales for Colliers International said “Investors are scrambling to secure quality assets within their own backyard and a number of these investors are seeking quality freehold opportunities that have the potential to improve on the income and reposition the asset in the market” he said.