Strategically located on a prominent corner site in Sydney’s inner west, the property at 2 – 6 Cavill Avenue comprises two high quality “campus style” commercial office buildings with a total net lettable area of approximately 10,620 square metres along with 275 car spaces.

 

According to Knight Frank, who managed the sale, both buildings are fully leased to the NSW Department of Family and Community Services until February 2021 at a passing net income of $3.54 million pa, with a one-year option, followed by expectations of increased income.

 

The buildings were sold via Expressions of Interest on behalf of the Baran Group.

 

• Sale of property at 2-6 Cavill Avenue in Ashfield sets record yield for the suburb

• The property comprises two buildings fully leased to the NSW Government until 2021

• The buildings offer total net lettable area of approximately 10,620 square metres and stand on a prominent corner site 

 

According to Richard Garland, Knight Frank’s Director, Commercial Sales, NSW, the sale demonstrated a growing demand for land with development potential in Sydney’s inner suburbs. 

 

“This is an outstanding result for Ashfield,” he said.

 

“The healthy sales price is a testament to the growing demand for property with future development potential in Sydney’s inner suburbs.

 

“Selling at a record initial yield of 5.56 per cent at a rate of $5,960 per square metre, 2-6 Cavill Avenue has set a new benchmark for the area.”

 

Knight Frank’s Dominic Ong, Partner, Asian Markets, NSW said the sale marks Shayher Group’s return to the Sydney market. 

 

“This is the first purchase in NSW for Shayher Group in some years after concentrating on a number of high-profile projects interstate,” Ong said.

 

“The immediate return on investment paired with future development upside of this sizeable property were influential in attracting Shayher back to the Sydney market.”