Savills News

Chinese investor triumphant at Randwick auction

A Chinese investor has snapped up the Ground Floor of 126-128 Avoca Street, Randwick prior to auction for $1.39 million on a 5.45% yield from Dewreef Pty Ltd.

The prized asset, situated on arguably Randwick's busiest corner, offers 143sq m* of floor space across three (3) separate titles providing future subdivision potential and is leased until 2021 to Ray White.

The property boasts 18m* of corner frontage with exposure to high levels of vehicular and pedestrian traffic daily and is surrounded by popular, household names such as Fitness First, McDonald’s, Oporto and leading banks ANZ, NAB and Commonwealth Bank.

The property was sold by Tom Tuxworth and David Hickey of Savills Australia who said the campaign received a lot of interest from local and offshore investors looking to secure a safe haven Sydney asset.

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