INVESTOR SNARES VALLEY GEM SECOND TIME AROUND
A SYDNEY investor who took a step back from buying an inner city showroom/office after the start of the Covid pandemic re-emerged over a year later as the buyer of the property.
He paid $4.3m for the building at 592 Wickham St, Fortitude Valley, after a deal struck by Raine & Horne Commercial's Vaughn Smart and Keelan Mylius.
The ground floor showroom is currently leased by Michael Anthony Luxury Cars while the upstairs office/storage area currently vacant.
Mr Smart said it was a "unique property" and the new owner will lease the building in the short to medium term and in the longer term may seek to redevelop.
"It has been used by an automotive business with roller door access on the upper floor which allowed cars to be upstairs and down and there was a mechanic there at one stage," he said.
"It has also been a furniture showroom and was occupied by 99 Bikes for more than 10 years." On a 547sqm corner site the property has 1,045sqm of net lettable area.
According to CoreLogic it last changed hands in 2010 for $2.75m when it was bought by Peppin Investments.
Mr Mylius said the original marketing campaign for the property started in late 2019.
"However, the new owner stepped back because Covid hit and he re-entered late last year and recently settled on the purchase," he said.
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