A high-profile retail shop in the heart of Pyrmont has sold for $700,000 to a local investor on a 4.17% yield, confirming demand remains high for quality retail assets in and around the Sydney CBD Fringe markets.
The 93sq m* cafe at 252/ 243 Pyrmont Street is leased to Terakaza Café with a lease term of four years with a four year option and is within close proximity to Sydney’s Darling Harbour, Sydney Aquarium and King Street Wharf.
The property was sold through Nick Lower, Selin Ince and Ollie Ridley of Savills Australia on behalf of vendor Dennis Nanis.
Nick Lower, State Director - NSW, Metropolitan & Regional Sales at Savills Australia said Pyrmont is soon to be regarded as an ‘urban renewal success story’ with the NSW state government outlining a strategic vision for the precinct to be developed into a vibrant, residential, entertainment and innovation hub on the fringe of Sydney’s CBD.