The Turramurra Arcade, a retail property situated just 110 metres away from the Turramurra train station, has been sold.
The property at 1259 Pacific Highway is comprised of a 677sq m town centre site with 383.8sq m of net lettable area across five retail tenancies, with basement parking.
It was purchased by a private local investor for $6 million in a deal negotiated by Jeff Moxham and Joshua Baruch of Knight Frank on behalf of the vendor, Coles Group.
The property enjoys strong exposure to passing vehicular traffic along Pacific Highway – with more than 32,600 people estimated to pass by every day – and benefits from proximity to major arterial routes linking the Upper North Shore to the Sydney CBD and NSW Central Coast.
Mr Moxham said the Expressions of Interest campaign for The Turramurra Arcade resulted in significant buyer interest, with more than 110 enquiries and multiple offers.
“The property offered a unique and strategic investment opportunity in a prominent position along the Pacific Highway and in the heart of Turramurra, within Sydney’s tightly-held Upper North Shore,” he said.
“The asset offers immediate holding income, but it also has value-add potential and long-term development upside.
“In the current market we are seeing strong buyer interest in investment assets with upside, particularly in sought-after locations with strong growth potential.
“Turramurra is a blue-chip Upper North Shore location with an affluent demographic, and would support a future mixed-use development on the site, including residential apartments above ground floor retail, which the current planning controls allows for.”
Mr Baruch said The Turramurra Arcade also offered repositioning potential, with three of the retail tenancies currently vacant.
“The property’s income can be improved via a revitalisation of the retail arcade and a solid leasing campaign to fill the vacant tenancies,” he said.
“Ultimately the buyer interest we saw during the sales campaign was reflective of the rare opportunity the asset offered to secure a town centre freehold in one of Sydney’s most tightly-held retail strips.
“The location of the property is ideal, with great access to public transport via the Turramurra train station just 110 metres away and the bus interchange 200 metres away, with major arterials also close by.”
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