Hong Kong investor pays $6.48m for Byron’s Lawson Arcade

A Hong Kong based private investor has paid $6.48 million on a tight 4.7 per cent yield for Lawson Arcade, a prized retail asset in the heart of Byron Bay, one of Australia’s most popular beach resorts.

Teska Carson Director Michael Ludski, who brokered the deal with Byron Bay Property Sales’ Kath Vaubell, said the fully let property attracted 100 enquiries predominantly from Melbourne, Sydney and off-shore, with nine formal offers lodged.

Ludski said investors had recognised the tremendous growth potential in one of Australia’s most popular beach resorts and the limited retail space available in the town.

He said Byron Bay’s popularity, attracting high levels of tourists – currently more than 2 million a year –  and new residents, was a key factor.

“These resident and tourist numbers continue to provide significant returns and excellent growth potential underpinning local businesses,’’ Mr Ludski said.

The 17 Lawson Street property comprises a modern, double storey, brick building of 594 square metres (GLA) comprising three shops, two restaurants and four office suites with a central arcade providing pedestrian access to the rear shops and car parking on an 866 square metre site.

The arcade had recently undergone a $250,000 refurbishment.

The property was sold fully let at a gross annual income of approximately $465,000.

Source: https://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/81608-hong-kong-purchaser-pays-6-48m-in-byron.html

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s