Rosedale Road retail unit hotly sought-after
2/94 Rosedale Road, Albany
- Freehold unit-titled 73m² retail unit in the Rosedale Retail Centre
- Fully-tenanted and returning $37,520pa + GST and outgoings
- Located at the entrance to a zero-vacancy retail centre
- Wide frontage facing a large supermarket
- Plenty of common parking and multiple access points to the precinct
- General Business zoning
- National Total Property marketing campaign with auction sale method
- SOLD for $890,000 at a 4.2% yield
- Auction was brought forward thanks to a pre-auction offer of $750,000, with 6 active bidders
- Up to 30 direct enquiries during the campaign
- CV: $600,000
Described by agents as one of the North Shore’s hottest commercial auctions for 2018, the sale of 2/94 Rosedale Road saw lively competition in the auction room before the hammer fell at $140,000 more than the pre-auction offer of $750,000.
The property was marketed by Eddie Zhong, Steven Liu and Meng He of Bayleys North Shore and Eddie says the shortage of this sort of property in the current market meant that interested parties had to put their best dollar forward.
“This is a quality, tenanted property in a desirable location and under the magic figure of $1 million,” he says.
“We did expect a great response from investors and owner-occupiers and indeed, that’s what we saw.
“There are simply not that many opportunities like this in the market today and so it became a hot property.”
Eddie says the Rosedale Retail Centre offers an attractive mix of food and beverage businesses along with service retail businesses. The site benefits from an abundance of shared common car parking, and is conveniently located with multiple entrances from Rosedale Road.
The winning bidder was WCCK Limited, a health supplement and souvenir retailer and exporter business which has been the tenant of the property since 2015.
Hospitality business owners Jessica Chen and Biao Su say they have never felt so relaxed on an auction day before!
The pair saw this property as a mid-term investment when they bought it four years ago.
“During this time, the centre has grown rapidly and we thought it would be the right time to pass it onto someone who prefers a long-term holding investment,” says Jessica.
“Eddie brought us a good tenant a few years ago, so he was the first agent we approached when we considered selling our property.
“He shared with us his analysis on the market, the property, the timing, and the different sales methods with patience and high attention to detail.”
Jessica says they work long hours in their hospitality business and Eddie would even meet them at midnight for reporting and presentations.
“The team work was amazing,” she says.
“Auction day was well-organised and Eddie’s team looked after us and every bidder well.
“The auctioneer was awesome and even the directors of the company were there to support the auction.
“The sale price was totally beyond our expectation – unbelievably exciting and we have never felt so relaxed at an auction before.”
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