The little North Ryde arcade keeping developers at bay
Tucked in between shops of a slightly older vintage, Adwill Place is worthy of the title of a North Ryde landmark.
After 20 years with the same owners, the little arcade at 22-26 Blenheim Rd sold at auction for $3.035 million — it was advertised with a price guide of $2.5 million.
David Jarvis and James Sarzano, of Ray White North Ryde/Macquarie Park, marketed the property, which has nine shops, all with tenants.
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The building is on 663sqm and includes a courtyard with rear-lane access.
Jarvis says Adwill Place is one of a handful of small arcades left in the Ryde area.
The well-maintained arcade sold at auction for $3.035 million.
It will become rarer still as developers have bought up similar properties such as the Epping Club Walk arcade (it provides a thoroughfare from Rawson St to Beecroft Rd), which sold for $16.417 million in 2016.
Jarvis says developers would have to buy properties on either side of Adwill Place to realise any development potential.
“You would have to consolidate a number of other properties in order to make a substantial development. Some developers consider this to be an expensive exercise that would take time,” he says.
Jarvis says about 75% of inquiries about Adwill Place come from locals and at last weekend’s auction seven parties registered. The property sold to a family from Ryde.
Adwill Place and neighbouring shops are patronised by local customers.
Built in 1965, the arcade has six long-term tenants, including a barber.
“Ron the barber has been there for 45 years and took over the business from his father,” Jarvis says.
The barber’s sign is proudly displayed outside the neat-as-a-pin shop, which has a row of red chairs outside for the comfort of customers.
Jarvis says it will be “business as usual” for the arcade as the buyers were investors who viewed it as a long-term proposition.
This article from the Northern District Times originally appeared as “Small suburban arcades are disappearing — but not this one”.
