A newly refurbished, strata-titled retail shop with subdivision potential on the edge of Coogee Beach in Sydney’s Eastern suburbs is set to go to auction next month.
Located at 256 Arden Street and comprising 64sq m, the property offers a ground floor retail shop currently leased to Washroom, a new wave self-service laundromat that has been trading for over 10 years and operates out of multiple locations across the Eastern Suburbs.
The property is already split into two components which provides the potential to separately lease both sections of the property and has a double fronted shop totalling 9.5sq m*.
The property is set in a highly desirable location only moments from Coogee Beach and surrounded by a number of established businesses such as the Coogee Bay Hotel, Coogee Pavilion and the Crowne Plaza which is currently undergoing a multi-million dollar renovation.
The property has a newly granted 3 year lease with a further 3 year option and a gross passing income of $85,000pa* + GST and is for sale through Nick Lower and Ollie Ridley of Savills Australia and Michael Buium and Melissa Iannelli of Raine & Horne.
According to Nick Lower, Savills Metropolitan & Regional Sales State Director NSW, the property has the potential to be split into two separate tenancies, providing investors with the opportunity to lease half of the property to another commercial tenant.
“The property is configured to provide a ground floor retail shop currently used in its entirety as an operational laundromat. The property has a desirable double frontage on the highly trafficked Arden Street,” he said.
Coogee is one of Sydney’s most famous beaches, located 8.5 kilometres* from the heart of the Sydney CBD in the exclusive Eastern Suburbs.
The beach’s accessibility and topography make it one of the safest beaches upon the Australian coastline and therefore popular amongst swimmers, surfers and families with ocean pools cut into the headlands to the north and south. Sightseers and walkers frequently visit Coogee as they trek the coastal trail between Australia’s most famous beach Bondi and Maroubra to the south.
According to Michael Buium, Raine & Horne Principal, “Randwick City Council is improving the Coogee town centre along Coogee Bay Road between Arden Street and Brook Street by removing overhead powerlines, widening footpaths and installing new pavers, street trees and street furniture”
256 Arden Street Coogee is for sale via an on-site auction on 12pm Wednesday 19 August.
*Approximate