16 | New South Wales Nick Moloney says current average yields in North Sydney are 4-5% for industrial and office space, rising to 5.5-6.5% for retail properties. In the retail market, Nick says, “Existing businesses that have survived COVID lockdowns are now experiencing stronger trading conditions as the return to CBDs continues to gain traction. Vacancy for retail space has now levelled out across the Lower North Shore, with some recent evidence showing new groups are targeting and securing leases. As a guide, we recently leased a prime retail space in Kirribilli to teahouse chain Chatime – a site that had struggled to gain interest during the lockdown of 2021. Nick adds, “The North Sydney market is currently experiencing a significant increase in new commercial office space for lease, bringing A-grade space to the market. The superior buildings are drawing tenants such as Channel 9 to the area.” The team at Commercial North Sydney secured the recent sale of 20 Hope Street for $2.15 million following 116 enquires and 14 contracts issued. The sales campaign lasted just 14 days. Eight properties in one line at 161 Walker Street, North Sydney were sold for a combined price of $8.834 million. Nick Moloney nick@rhcns.com.au North Sydney
RkJQdWJsaXNoZXIy MTI3ODI1