Colliers secures another sale on one of Sydney’s most expensive strips with Plus Agency8 February 2024
One of Australia’s hottest harbourside strips of property has seen another sale, with portion of the Searock Grill restaurant in Circular Quay selling for $6 million through Colliers, in conjunction with Plus Agency.
Five properties have sold along the incredibly popular strip over the past few years for a combined $46.667 million, with Colliers/Plus Agency selling four of them for a transaction value of $43.7 million.
The 49sqm Searock Grill at Shop 16, 1A Macquarie sold through Joseph Lin of Colliers and Fiona Yang of Plus Agency at a rate of $122,450 per sqm and a yield of 5.83 per cent.
“The continued high interest from international and local buyers has again resulted in one of the highest per sqm rates ever seen. The iconic views of the Harbour Bridge and location in the heart of Sydney will always ensure investors compete strongly for these assets,” Mr. Lin said.
Other notable sales include the Guylian Café for $11.5 million, Eastbank for $20.5 million, the Coco Bubble Tea shop for $5.7 million and Gelato Tesoro for $2.967 million, all at rates over $132,000 per sqm for “wet shops” with F&B facilities.
Anchored by a five-year lease with significant holding income, the property benefits from an average of over 50,000 pedestrians daily and is nestled in one of Sydney harbour’s most decorated dining and retail epicentres.
“Rebounding strongly post-covid, Sydney’s Circular Quay is home to both a significant workforce and tourism market. With the return of tourists and increased infrastructure expenditure into the precinct, the desirability of Circular Quay is only set to continue making the asset perfectly positioned to capitalise on strong future growth prospects,” Mr. Lin said.
The NSW Government’s long-term vision for Circular Quay is clear to see with $216 million committed to transform the region with new public spaces green spaces and new ferry wharves.