Tiny Pitt Street shop sells for staggering price
A pint-sized shop near the back of an arcade on Sydney’s iconic Pitt Street has sold for more than $1 million.
The 30sqm speck on Sydney’s retail map sold for a staggering $1.075 million to a jewellery business owner – a rate of almost $36,000 per square metre.
The property, at Shop 8/250 Pitt St, was originally slated for auction on March 21 but the keen buyer snapped it up well ahead of the auction date.
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Currently occupied by a dry cleaning business, the shop, which sits 200m from Pitt Street Mall and 180m from Town Hall Station, was offered with vacant possession after August 1.
Ray White Commercial’s Joseph Assaf and Samuel Hadgelias brokered the deal, which reflected a yield of around 5.3%.
The shop is currently occupied by a dry cleaner, until the lease expires on August 1.
Assaf says the jewellery business will move into the shop shortly after taking the keys in August.
“The buyer intends to occupy the shop after the lease expiry to operate a fine jewellery business,” Assaf says.
“The listing attracted strong interest thanks to its location opposite the Hilton Hotel and its close proximity to Pitt Street Mall and Town Hall Station.”
Hadgelias says the shop’s location and condition were at the heart of its appeal.
“Situated in one of Sydney’s CBD strongest precincts, the retail space is in boutique commercial building Ashington Place and has been completely refurbished,” he says.
