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A rare retail complex located in Narraweena sold at an auction in March for the first time since the 1930s.

M Pfanner & S Scott-Orr & W Harris, a private company, traded the freestanding retail property located at 91-93 McIntosh Road, Narraweena, for a 3.94% net return to an out-of-area buyer.

The unique site offers a highly attractive and diversified income stream from eight specialty shops and two first floor office suites. The shops are well-presented with a modern open plan layout and high ceilings. Some of the shops have roller shutter doors or storage space.

“The purchaser is excited to have secured a property on the Northern Beaches. However, the buyer plans to sit tight for now and get a feel for the area and the market before deciding on the next move,” said selling agent, Vincent West, Director of Raine & Horne Commercial Northern Beaches.

"With anchor tenants such as Liquorland, a dentist, a chemist, and a delicatessen, this asset which also comes with a sought-after two street frontages, will be a trophy in the new owner’s investment portfolio."

The retail complex has a total land area of 786 square metres and building area of 573 square metres and has enjoyed a consistently low vacancy rate over many years.

There is an additional benefit connected to the property from a development perspective, noted Vincent.

“There is a deed showing the Northern Beaches Council will make consideration of an additional 333.6 square metres of land when determining any development application,” he explained.

“As such, any feasibility studies should be calculated on a total land area of 1,119.2 square metres and maximising this additional opportunity is sure to be part of the new owner’s plans.”

View more Raine & Horne Commercial Northern Beaches properties for sale or lease or call us on 02 9939 6788.