A local private investor has snapped up one of Sydney’s best coffee shops for $1.57 million on a 5.63 percent yield, from a private owner at an on-site auction, in front of a 100+ crowd.
Normcore Coffee, located at Shop 1, 37 York Street, is strategically located moments from Wynyard Station. The 14sq m ‘hole in the wall’ retail property was sold through Nick Lower and Selin Ince of Savills Australia, who said Normcore Coffee have signed a new five year lease with a five year option.
With over 43 bids received from purchasers, the sale yielded a building rate of $112,143/sq m, almost smashing the CBD’s record rate.
Mr Lower said the property attracted interest from local, national and international investors, with 120 enquiries received during the four week process, 20 contracts issued and 25 inspections held with purchasers in person.
Wynyard Station is exposed to over 200,000 pedestrians daily and is surrounded by major retailers and office buildings.
Learn more about Savills City Sales & Investments.