In Tae Kwon Do there’s a term for perseverance – “in nae”. And the party that successfully bid $5.1 million for a prominent Sydenham corner shop with development upside showed plenty of “in nae” having missed out the last time 47-51 Unwins Bridge Road was up for sale.
The record price on a yield of 3.53 per cent came after an intense campaign in which selling agent Nick Countouris of R&W Pyrmont Glebe issued 24 contracts, fielding interest from investors and developers mindful of its future redevelopment potential.
The property is currently leased to Pacific Brands with a Bonds Factory Outlet on the ground level and the School of Self Defence on the floor above. The successful bidder is a competitor martial arts group, Tae Kwon Do Australia.
Mr Countouris said there was a strong personal motivation to acquire the building.
“The buyer missed out the last time this property was offered to the market and was determined that history would not repeat,” said Mr Countouris. “It’s an investment that satisfies their business requirements but in time will allow them to redevelop the land with more intensified planning controls.
“With the cash rate so low and a push for better planning controls in the Sydenham to Bankstown corridor, it is motivating land owners to secure something that will have value in the future.”
The prominent corner site has been identified in the Sydenham to Bankstown draft strategy for Main Street Shop Top Housing, allowing up to five residential floors above.
Bidding started at $4 million and went up in $100,000 increments with the hammer falling at $5.1 million.
More information: R&W Pyrmont/Glebe, Nick Countouris, 0414 947 760