Iconic West Ryde property snapped up by local investor

A well-known bookstore in a highly coveted West Ryde location has changed hands for $16 million at auction, surpassing the reserve price by more than $1 million.

Bidding was competitive for the 2,629 sqm property at 28-34 West Parade which is located directly opposite West Ryde Train Station.

A local investor successfully acquired the property tenanted by Koorong, Australia’s leading Christian community bookstore, which has occupied the property for more than 30 years under a long-term lease.

The sale was negotiated by CBRE agents Lord Darkoh and Ray Ahsan.

“The outstanding result of $16 million underscores the strength of the commercial property market and the confidence buyers have in premium, value add assets with future development upside,” said Mr Darkoh.

“The sale reflects a 2.44% net yield—one of the sharpest yields for a commercial asset of this scale in West Ryde. This sale is a testament to the renewed optimism in the market,” he added.

The three-level commercial freehold building is set on a corner block with 2,129sqm of internal space. The property has direct access to Victoria Road, making travel to Parramatta and Sydney CBD easy, and is close to West Ryde Marketplace and Coles West Ryde.

“The recent interest rate reduction has led to a notable uplift in market activity, with increased buyer confidence driving stronger competition for premium commercial assets,” noted Mr Ahsan.

“This result highlights the depth of demand and resilience of the sector, as investors actively pursue high-quality, value-add opportunities. The campaign generated exceptional engagement, with over 40 inspections and more than 330 enquiries—primarily sourced through CBRE’s extensive network—demonstrating the strength of our platform in connecting investors with strategic opportunities,” he added.