Chinatown Freehold Retail Property Sells for $6.7m
A Hong Kong based family have become the proud new owners of a freehold retail property in the heart of Chinatown in Sydney, which sold for a massive $6.7 million through Knight Frank.
This four level property, previously owned by Sol Levy Pty Ltd was last offered to the market over 160 years ago. Sitting in a prime position at 713 George Street, the 489 square metre retail property sits on a 272 square metre site and benefits from a 6.64 metre frontage.
Due to being located on one of the busiest sections of George Street, full of restaurants, cafes, hotels, hostels and a vast array of shops including Market City and the Capitol Theatre nearby; pedestrians frequently pass along the streets come day or night. A great number of bus services are conveniently located as well as light rail and Central Station is less than 10 minutes walk away.
It was mentioned by Andy Hu and Dominic Ong, the sales agents of Knight Frank that properties along George Street were rarely offered to the market, especially in the Chinatown precinct. Since 2010, this became the fifth freehold property, (sub $15 million) on George Street to have been publicly offered to the market.
This property zoned allows for commercial, residential or hotel use to a potential 2,040 square metres (subject to council approval) and offers future capital growth.
It will be interesting to see what the new owners decide to do with the property, which previously was a family-run Tobacconist, established in 1890.
Published on 20th of October 2014 by Marty Stanowich