Servo, house and workshop: Options aplenty at Randwick property
A rare corner block property which includes a Metro service station, mechanical workshop and residential dwelling has come on to the market in Randwick.
The 982sqm freehold site at 345 Avoca St has sub-$10 million expectations and is currently zoned R2 Low Density Residential.
It is listed with JLL’s Charlie McKenzie and Edward Washer.
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McKenzie says the property is a rare offering that has already attracted interest from both developers and investors looking to land bank.
“It’s a great land bank opportunity. It’s surrounded by local infrastructure, schools and other amenities,” McKenzie says.
He says developers and investors will likely look to hold on to the property with hopes of a potential rezoning.
So far interest has come from a mix of local and interstate buyers.
“The three tenants all have leases that are strategically structured to benefit an investor, owner-occupier, or developer,” McKenzie says.
The annual rental return for the property is $275,756 and the current tenants have a leasehold with annual increases in place until 2020. It is close to the light rail, Royal Randwick shopping centre and the University of New South Wales.
The property will go to auction on July 19.