A landmark freestanding building in Sydney’s Inner West has changed hands for the first time in more than a century, selling under the hammer for $1,551,000.
555A King Street, Newtown attracted fierce competition at auction, reflecting the sustained investor appetite for prime, inner-city commercial real estate.
Brought to market by RWC Industrial City South’s Marcus Schraag and William Gathercole, the highly competitive auction produced a circa 4% net return for the successful investor purchaser.
Five active bidders registered for the auction, vying for what was widely billed as a “once in a generation” opportunity.
Mr Schraag said the sale reflected the ongoing demand for secure, cash-flowing assets in Sydney’s popular Inner West.
“You simply don't see freestanding, mixed-use buildings in the heart of King Street at this price level anymore," Mr Schraag said.
"It’s an incredibly rare entry point for an investor looking to secure a premium foothold in the Inner West.”
The dual-income property comprises a 133m² land holding with a total building area of 178m². It features a 72m² ground floor commercial tenancy with direct King Street frontage, as well as a first floor, two-bedroom residential apartment with private secure access and rear lane parking.
Mr Gatherole said the property's diverse income streams and prime location were major drivers for the sale.
“With commercial and residential rents continuing to rise, investors at this price point recognise both the immediate holding income and the long-term capital growth upside that boutique assets like this provide,” Mr Gatherole said.
