An Adidas-anchored, blue-chip property in Lidcombe has sold to a private investor for a whopping $12.3 million.
The sale of the property, situated at 55-59 Parramatta Road, Lidcombe represents a net yield of 5.6 per cent, making it a landmark high-profile investment in the area.
Real estate professionals believe it indicates high investment interest in Lidcombe and surrounding suburbs.
The property was marketed and sold by Ray White Commercial Western Sydney Senior Sales Executive Jai Sethi, Managing Director Peter Vines, and Asian Investment Services Director Victor Sheu.
Fully leased, the 2,595sqm space on a prominent corner block was offered to the market via expressions of interest.
Mr Sethi said they received over 100 enquiries, issuing multiple contracts as the campaign rolled out, with buyer interest from across the country.
“This fully leased asset represented a highly sought-after opportunity to acquire a secure investment with projected future upside in the epicentre of the Parramatta Road bulky goods retail corridor,” he said.
“We believe that convenience-based retail is hugely benefitting from consumers not having to go into shopping centres.
“The potential to value-add, reposition or redevelop with bonus FSR available for specific developments (subject to council approval), really appealed to the investment market.
“The property also benefits from the high exposure corner position on Parramatta Road which accommodates over three million commuters every year.”
The building is currently anchored by Adidas and is further occupied by a number of other tenants.
Mr Sheu said Lidcombe is an attractive suburb for prospective investors.
“One of the most well-equipped suburbs in all of Sydney, Lidcombe is home to an immense amount of variety in multiple forms – housing, businesses, restaurants, streetscapes, and even cultures,” he said.
“The range of interest received as part of the campaign was local Asian groups.
“Some were occupiers looking to potentially take over part of the building, but a number were investors with a view to hold and tap into the underlying upside of the location in the future.
“Deals like the recent $129.5 million sale of Auburn Central shopping centre tells us that Lidcombe and areas around this suburb are becoming a real attraction for the investor market.”
Troy Dodds is Parra News' Managing Editor and Breaking News Reporter. He has more than 20 years experience as a journalist, working with some of Australia’s leading media organisations. In 2023, he was named Editor of the Year at the Mumbrella Publish Awards.