A Manly corner site opposite the suburb’s iconic beach has sold under the hammer for $15.7 million, with a yield of 4.66%. CBRE Toby Silk, Aaron Arias and Nicholas Heaton hosted the public auction with AuctionWORKS, which saw Shops 1-7, 25-27 South Steyne, Manly, sold in-one-line.

Situated on one of the most prominent corners of Manly, the property’s range of international and local tenants include Ben & Jerry’s, Manly Fish Market, Manly Fish Café, Blind Barrel and Ezymart.

The trophy retail corner investment includes five tenancies over seven lots and is currently fully leased, featuring an annual net income of $731,161 and an NLA of 433sqm.

CBRE’s Toby Silk, Aaron Arias and Nicholas Heaton hosted the public auction with AuctionWORKS, which saw Shops 1-7, 25-27 South Steyne, Manly, sold in-one-line.

Mr Silk said the team received over 400 enquiries throughout the campaign, including local, national and international investors, occupiers and syndicators

“Recent times have seen metro markets like Manly strengthen, with people working from home and frequenting local eateries,” Mr Silk added.

“There has been an increase in people moving to the Northern Beaches in search of a better lifestyle – including expats – which has driven property price growth across asset classes.”

“The buyer purchased the property as a passive investment, providing a strong return.”

Mr Silk added that the 4.66% yield reflected a positive trend for Manly and its surrounds.

“An historical low cash rate of 0.1% – which was introduced in November of last year – has provided a boost to the property market, with significant yield compression as a result,” he said.

To request a copy of the detailed sold analysis and comparable sales please email either of the marketing agents Toby Silk, Aaron Arias or Nicholas Heaton of CBRE via the contact forms below. 

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