Savills News

Sydney CBD ‘Hole in the Wall’ coffee shop sells at auction

A local private investor has purchased a five square metre Sydney CBD ground floor coffee shop from Dennis Nanis for $921,000. 

Located at 229 Macquarie Street, the property is currently occupied by “Hole in the Wall” coffee shop under an 18 year lease term and also includes a 38sq m kitchen and storage area on level 4 of the building.

The deal was negotiated by Nick Lower, Selin Ince and Tom Tuxworth of Savills Metropolitan & Regional Sales who said the coffee shop capitalises from the high flowing commuter foot traffic along Macquarie Street as well as the 12 floors of commercial offices directly above.

According to Selin Ince, Sales Executive, Metropolitan & Regional Sales at Savills Australia, “The true ground floor retail space equated to a staggering $184,200 (not including the storage facility upstairs), further emphasising the demand for ground floor space in the CBD of Sydney.”

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