A prominent retail asset in Sydney’s’ famous Norton Street has been sold to a private investor for $20.5m.
Norton Central is located at 70 Norton Street, Leichhardt, the key retail and dining precinct in the suburb just 6km from the Sydney CBD.
The Property occupies a prominent 1,114 square metre site, with an approximately 80 metre frontage to Norton Street, and is considered the jewel in the crown of this acclaimed precinct.
The asset is 100% leased with income security underpinned by two major banks Westpac, NAB and complimentary tenants with a long occupancy history including Berkelouw Books, Toni & Guy, and the Bakers Delight head office.
The property generates approximately $1.145m in net income, providing the purchaser a 5.6% passing yield.
The property previously formed part of GPT’s portfolio which was sold in 2019, along with the larger Norton Plaza Sopping Centre which sits opposite. The private purchaser of those assets has now resold the smaller Norton Central to another local private investor.
Harry Bui and Alex James-Elliot of Colliers facilitated the sale of the Centre on behalf of the Vendor.
Harry Bui said “the EOI campaign generated over 150 enquiries from both domestic and off-shore capital. Given the blue chip Sydney metropolitan location and freehold nature of the property, a number of High Net Worth private investors and syndicators were attracted to the current and future potential of the Asset. Norton Central was purchased by a local high net worth with no due diligence period required.”