A mixed-use commercial investment in Sydney’s southwest has sold after just seven days on the market due to strong buyer demand for the asset.

The property at 210 Homer Street in Earlwood, which has 280sq m of net lettable area over two levels on a 171sq m site with four car parks via rear lane access, is 100% occupied by two longstanding tenants.

The ground floor has a retail/commercial tenancy leased to mortgage broker Aussie Home Loans and the top floor is leased to digital media company Australia Wide Creative Media, with a total net passing rent of $82,039 per annum.

The property was purchased by a local high net worth individual for $2 million - $250,000 over the asking price – after it was offered to the market for the first time in 33 years.

The sale was negotiated by Knight Frank agents Demi Carigliano and Anthony Pirrottina on behalf of the vendors George and Despina Alexandropoulos.

Mr Carigliano said the Earlwood property attracted strong buyer interest because it was a quality and affordable freehold investment in a sought-after area, with the possibility of redevelopment in time.

“We had three groups request to inspect the asset on the first day it was advertised, with 40 enquiries generated within the first week of the property being on the market,” he said.

“The property is a high-profile commercial freehold located in the heart of Earlwood village.

“It is prominently positioned on the corner of Homer Street, View Street and Gregory Lane, with 43 metres of street frontage in total.

“It is a well-maintained asset with a diversified income stream via two longstanding tenants, with the added bonus of value-add potential, having attractive B2 Local Centre zoning permitting future redevelopment.

“The first floor also has the flexibility to be used either for a commercial or residential use.”

Mr Pirrottina said commercial properties with the right investment fundamentals in Sydney were sought after in the current market.

“Investors are particularly looking for assets with the potential to add value in the future, but with strong holding income in the meantime,” he said.

“Affordability and location are also major factors in buyer decision-making.

“This Earlwood property ticked all the right boxes, and fact that it sold for $250,000 over the asking price within seven days indicates the high level of demand.”

Related Readings

Four freehold properties Sydney CBD for sale - Knight Frank | Commo.

Western Sydney commercial property sold by Knight Frank

Three neighbouring commercial properties Drummoyne sold by Knight Frank

Office building in Sydney’s south sold for $4.5m in off-market deal - Knight Frank