Shop top in Cronulla Mall with tenant Kidstuff sells within two days
A shop top in one of The Shire’s iconic malls has sold in record time.
The incredibly fast sale of a shop top in an iconic Shire mall has turned heads.
Cronulla Mall’s bright red property, currently being leased by educational toy retailer Kidstuff, sold within 48 hours for $3.2 million.
Raine & Horne Commercial Sutherland Shire director Anthony Bouteris sold the freestanding shop top which was incredibly popular due to its longstanding tenant Kidstuff which has 51 stores across Australia. The sale resulted in a 3.7 per cent return.
“We are thrilled to announce the swift sale of 47 Cronulla St, a highly sought-after property located in the iconic Cronulla Mall,” Mr Bouteris said.
The store has longstanding tenant Kidstuff.
Along with a two-bedroom apartment above.
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“This freestanding shop and residence has captivated buyers with its prime location and immense potential.”
The property’s 147 sqm ground floor is currently leased for $115,875 plus GST per annum gross.
“Retail assets in prime locations and with blue-chip tenants are scarce in the Sutherland area, making the rapid sale of this property easily understandable,” Mr Bouteris said.
“The immaculate 2-bedroom residence on the premises presents an exciting opportunity for future tenants, with an estimated potential rent of approximately $630 per week.
“The presence of a council carpark at the rear further adds to the property’s appeal.”
The property sold for $3.2m less than 48 hours after hitting the market.
The apartment’s estimated rent is $630 per week.
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Mr Bouteris said the Sutherland region was an increasingly preferred and affordable industrial hub due to its proximity to Sydney Airport and Port Botany.
He said there was a rising demand from buyers in the Inner West and Eastern Suburbs due to the industrial markets become more expensive per square metre.
“Despite interest rate increases, the industrial property market in The Shire continues to thrive, with high prices fuelled by robust demand,” he said.
“Tradies and individuals seeking storage space are prominent buyers in this market.
“With limited industrial land available in the Sydney metro area, the Sutherland Shire industrial market is expected to appreciate, building upon its remarkable growth over the past decade.”
