Mascot showroom lists in ‘strongest commercial market’ seen
Strong demand for commercial property in the wake of Covid-19 has seen a Mascot showroom put on the market by the long-term owners.
The 1160sqm building is being offered with a short-term lease back, allowing for rental income initially, but vacant possession in the near future.
The strength of the commercial and industrial property market means 730 Botany Rd is expected to fetch a premium of over $6 million.
CoreLogic reveals this will net the owners a substantial increase over the $750,000 they paid for the dwelling at the end of 2000.
The two-storey building is on the market as an expressions of interest campaign closing June 23 with Colliers agent Trent Gallagher.
Mr Gallagher said record low interest rates and a lack of available stock was driving overwhelming buyer demand in Sydney for commercial property.
“This is the strongest we have ever seen it within the commercial and industrial sector,” he said.
“Freehold buildings such as this are very highly sought after, and we expect competitive bidding from a wide range of different buyers.”
The freehold building featuring a showroom, retail space and warehouse on the ground floor with office fit out and existing residential department on the first floor.