A local Asian family has snapped up a Lower North Shore Commercial property sold by the well-known and respected Tavakoli family’s ‘Rosenthal Arcade’ at 79-83 Longueville Road Lane Cove sold through Stuart Cox Johnathon Broome Andy Hu and Jordan Lee of Savills Australia.

Selling under the hammer for $13.888 million on a 4.8 per cent yield, through Savills Australia, the perfectly positioned commercial and retail investment property sits on a 734sqm* site, providing approximately 1,689.10sq m of Net Lettable Area across a three-level building, complete with basement parking, and is adjacent to ‘The Canopy,’ a newly developed village centre within Lane Cove.

Sold through Stuart Cox, Johnathon Broome, Andy Hu and Jordan Lee of Savills Australia, the asset is made up of 467.30sq m* of ground floor retail area across nine shops and 1,221.80sq m* of commercial area across 11 suites over two upper levels.

The three-level building contains a walk-through arcade along the ground floor providing access from Longueville Road to The Canopy along Birdwood Lane. The arcade walk-through encourages exposure to the high performing ground floor retail shops.

According to Stuart Cox, Director, Residential Site Sales at Savills Australia, demand has certainly remained strong for safe haven Lower North Shore assets and over the last five years, Lane Cove has undergone significant restructuring from former low-density housing, to now proudly providing over 1,900 newly completed medium and high-density dwellings and is fast becoming one of Sydney’s most desirable suburbs to both live and work.

“The existing retail and commercial building is currently 80%* leased and there is significant value uplift for the future owner in securing future tenants for the vacant commercial suites situated on levels 1 and 2.

“The building also lends itself to a residential conversion or shop top housing redevelopment as an alternate use under the existing B2-Local Centre zoning, with a potential GFA of 1,835sq m** across the site (STCA) and a FSR of 2.5:1*” he said.

The Tavakoli family have owned the property for over 13 years and vendor Sheeva Tavakoli said “Off the back of the strong interest generated by Savills recent commercial sale of 2A Phoenix Street, Lane Cove for circa $10 million, we are pleased with today’s auction result and were impressed with the number of active bidders in the mix, further highlighting the demand in the market.”

The Tavakoli family made the executive decision to sell the asset to capitalise on the increasing demand for strong yielding Lower North Shore blue chip commercial investments with upside.

According to Jordan Lee, Joint State Head, Asia Markets at Savills Australiasaid, “This campaign generated a significant amount of buzz in the area, as local and offshore investors, developers and SMSFs look to add value by either re-letting or refurbishing the existing asset or redeveloping it to further capitalise on the recent redevelopment in the surrounding village” he said.

Lane Cove is a well-established affluent suburb with strong demand for commercial and retail amenity having such a large catchment area across the surrounding peninsula suburbs.

To request a sales analysis please email either of the selling agents via the below contact forms. 

de7982be-d521-4155-810f-ce5c2ad4d7ca.jpeg