A POPULAR café in Sydney's inner west has been bought by a private investor on a yield of 8.4%.
The property was sold by Colliers International’s manager of city fringe investment sales Matthew Meynell.
The café, located on the ground floor of the new residential tower, Motto, at 2-14 Eve Street, Erskineville was sold for $500,000.
“This property has sold with exceptional returns, as it included a long-term tenant with a five-year plus five-year option lease.
“Mixed-use developments with residential and retail spaces are growing popular in the inner-west region, as residents utilise the café’s convenient location,” Meynell said.
Located on the corner of Eve and Macdonald Streets, the café has strong exposure to local residents and businesses, from small warehouse occupiers to large commercial and industrial buildings. It includes 87 sqm of net lettable area, as well as 150 sqm of outdoor space, large kitchen facilities, servery and cool room.
Australian Property Journal
