Home of popular Glebe wholefood store expecting strong interest
Commercial investors and owner occupiers are set to jump at the chance to own a rare Glebe shop front home to a popular health food store.
The Glebe Point Rd property is on a small 58sqm block and is currently used by Iku Wholefood, a local business who have been operating from the site since 1985.
The dwelling is expected to fetch less than $1 million when it goes to a virtual auction later this month with Ray White Commercial’s Kristian Morris and Lachlan Palm.
Iku Wholefood is operating on an expired lease and hopes to resign a new deal with the eventual buyer.
Morris expects strong interest in the listing, with opportunities to acquire a site in a thriving community near several universities few and far between.
“Assets like this are highly sought-after by investors and owner-occupiers because it’s pretty rare for one to be available on what is a very tightly-held strip,” he says.
The site currently generates an estimated rental return of $38,000 per annum, with Iku Wholefood paying 100 per cent of outgoings.
The building also enables the new owner to explore a number options including the possibility of converting the upstairs floors into a residence for extra income.
Morris says the asset offers owner-occupiers and investors the opportunity to acquire a freehold building with heritage features over three levels in a prominent inner west location.
“This property is perfectly positioned on the tightly held Glebe Point Rd offering Sydney’s trendiest cafes and restaurants,” he says.
The property is located in an area filled with heritage buildings and is opposite to the popular Glebe weekend markets.
Iku Wholefood is a health food store that sells vegan food and products.
This article from the Inner West Courier originally appeared as “Glebe building home to Iku Wholefood hits the market with affordable price guide”.