Record breaking sqm sale in Paddington as popular cafe sells for $3.75m
227 Glenmore Rd, Paddington NSW
A popular cafe in Sydney’s east has sold in a record breaking sale, with a local family snatching up the mixed-use commercial site.
Currently tenanted by Sonder Cafe, the two-storey property at 227 Glenmore Rd sold for $3.75m in an off-market deal.
This was a new sqm record for Paddington, with the asset going for $31,780 per square metre.
The commercial site sold for $3.75m in an off-market deal.
It was purchased by a local investor from the Ockenden family, which had owned the property for around eight years.
Knight Frank agents James Masselos, Demi Carigliano and Anthony Pirrottina acted on behalf of the vendor, with Mr Masselos highlighting the strength of the commercial market in the Inner West.
“The result itself is very strong in this market given the very sharp 3.33 per cent net yield and a record-breaking dollar rate per square metre on the net lettable area.
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A local investor from the Ockenden family purchased the cafe.
“Despite the broader macroeconomic market, we are still experiencing strong demand buyers for prime freehold opportunities in the eastern suburbs and city fringe markets, like 227 Glenmore Road.
“The property appealed to the buyer due to its location in the premium Paddington area, with the added benefit of its enviable B1 Neighbourhood Centre zoning – permitting a multitude of current and future uses for the property.”
The Paddington property offered 118 sqm of internal space.
With a total area of 153 sqm and 118 sqm of internal area, the property was popular among investors looking for a sizeable asset near the city.
The site includes the cafe on the ground floor and a function room above.
Mr Carigliano said that the frontage on Glenmore Rd gave the commercial site great exposure.
“This site is located in an iconic thoroughfare in arguably one of Sydney’s most tightly held pockets of real estate.
Investors looking to secure an asset near the city were interested in the property.
“The asset has a dual-street entrance accessed via Glenmore Road and Heeley St, and benefits from an impressive frontage on Glenmore Road, giving it great exposure.
“It is within walking distance to all amenities of Woollahra and Oxford St shopping in an area underpinned by excellent transport infrastructure and surrounding retail and entertainment amenities.”
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