A first entrant offshore buyer has purchased a 74sq m (approximate) strata retail unit on the ground floor arcade of 265 Castlereagh Street, Sydney, trading as 265 Cafe from Kok Hoa Teow for $1.37 million.
The property is currently occupied by the established café operator who has signed a brand new six year lease. The yield achieved was circa 5%.
Located on the Midtown Southern End of the Sydney CBD, the café benefits from the bustling activities in the commercial and retail precinct with a number of local landmarks including World Square, Chinatown, Darling Square and Darling Harbour.
The deal was negotiated by Jordan Lee and Andy Hu of Savills Asia Markets who said the buyer has been looking to invest in the Sydney market for some time, and were thrilled to secure a profitable retail asset in the heart of the CBD.