Site beside Westfield entrance collects $11m
A Hurstville commercial building developed in the 1960s – some decade before the enormous Westfield complex went up next door – has sold before auction for $11 million.
The buyer of 2 Rose Street, a Chinese investor, is paying a price reflecting a 2.9 per cent yield.
Over two floors, the asset contains 856 square metres split up as more than 20 tenancies.
The site spreads 708 sqm at the north east corner of Humphreys Lane.
Knight Frank’s Demi Carigliano and Yumi Cui represented the vendor, Lidcombe Project Pty Ltd.
Development upside
Mr Carigliano said interest came from developers and investors eyeing its redevelopment potential and location (story continues below).
“Not only is this situated in one of Sydney’s most highly sought after retail precincts, being strategically positioned adjacent to the recently redeveloped Westfield Hurstville and close to the high foot traffic retail strip along Forest Road, but the property is also only 300 metres to the Hurstville train station and Hurstville Central,” he added.
“Hurstville is one of Sydney’s fastest growing regions with more than 350,000 new residents forecast by 2027,” according to the executive.
Mr Cui said the diversified tenancy profile of 2 Rose St – with a music school, not for profit and traditional retail operators – was a drawcard for prospective buyers.
“Potential plans for the site have been drafted, consisting of a mixed-use [project] of 24 apartments above two levels of retail commercial,” the agent added, of the property’s development prospects.
Subscribe to our newsletter at the bottom of this page.
