Adidas Lidcombe outlet store expected to sell for more than $10 million
Investors have the opportunity to purchase a landmark blue chip shop front home to global sporting giant Adidas.
The Adidas outlet at 55-59 Parramatta Road in Lidcombe is likely to sell for above $10m at the conclusion of an expressions of interest campaign.
A sale around this price point would represent a net yield of over six per cent.
The fully leased asset comes with a net lettable area of 2595sqm on a 2004sqm prominent corner block near Bunnings and Costco.
Also attractive to potential buyers is the ability to earn $693,338 per annum in rent and the ability to add value through a redevelopment or reposition of the site.
Ray White Commercial Western Sydney senior sales executive Jai Sethi expects the property to be popular with investors due to its location on one of Sydney’s major roads.
“We believe that convenience-based retail is hugely benefiting from consumers not having to go into shopping centres,” he said.
“We foresee interest from a range of different buyers as the building has a really prominent signage opportunity at one of Sydney’s busiest intersections.”
The fully tenanted complex headed up by Adidas features a number of other tenants across three floors including an LG Service Centre and Factory Plus. Solar panels, a basement and ample carparking is also found on the landholding.
Lidcombe has been a strong commercial market recently with a hive of sales activity including the $129.5m sale of Auburn Central shopping centre.
The property is being marketed and sold by Ray White Commercial Western Sydney’s Jai Sethi, Peter Vines and Victor Sheu.