In an encouraging sign for commercial property markets in Sydney, a prominent freehold building in Coogee has sold under the hammer for a mammoth $16.8 million.
Selling agent Mr Luke Smith, Director of Raine & Horne Commercial Inner West/ South Sydney, said, “The property at 29-31 Alfreda Street, Coogee sold at auction for $16.8 million after attracting exceptional enquiry levels throughout the sale campaign.”
The property home to one of Sydney’s most iconic gyms, Titan Fitness, attracted 256 enquiries, 5,104 views online, and 43 contracts were issued.
“A very healthy 15 bidders competed for the asset at yesterday’s highly competitive auction,” said Mr Smith, who listed the property in conjunction with Mr Colin Henry, Managing Director, Raine & Horne Commercial Penrith.
“We’d like to thank Ferrier Silvia for entrusting us in the transaction of this quality asset.
“Our agents are dealing with many committed buyers seeking quality assets such as 29-31 Alfreda Street, Coogee throughout the Sydney metropolitan area, so now is an excellent time to list a commercial or industrial property.”
Mr Smith continued, “This four-level building located on a substantial 842 square metre site appealed to yield-hungry investors as it has solid leases in place with two very well-established and successful businesses, including the iconic gym.”
Now known as Titan Fitness, the fashionable fitness centre is located on the site of a gym previously owned by former Mr Universe and Australian bodybuilding pioneer Paul Graham[i] who trained Hollywood superstar Arnold Schwarzenegger.
Returning approximately $460,000 pa NET + GST* per annum net from long-term leases with Titan and restaurant Osteria Coogee the high profile, north facing building also looks across Coogee Oval, home to rugby’s famed Randwick Galloping Greens. The property is also only 100 metres to Coogee Beach, one of the most famous beaches in Sydney.
Mr Smith concluded, “This is a rare commercial property opportunity in Sydney’s highly sought-after Eastern Beaches, a factor that contributed to yesterday’s competitive auction.”
For more information about commercial property opportunities in Sydney’s Inner West or southern or eastern regions, contact Raine & Horne Commercial Inner West/ South Sydney on 02 9572 8855.