Shops at Eastwood’s ‘The Five Ways’ on market for first time in 40 years
After 40 years in the one family, this popular strip of shops at an area known as ‘The Five Ways’ in Eastwood is being sold through an expressions of interest campaign.
Gordon McFadyen, JLL Director of Sales and Investments NSW, said the mixed-use, multi-tenanted site located at 2 Corunna Rd is a rare opportunity providing a net income of approximately $260,000 per annum.
The property has been attracting strong interest since it was listed on the market last month.
The double storey property set on a 669sqm block comprises of five retails shops on the ground floor with four large residential apartments above with a side access driveway leading to a rear car park.
“It is rare to get that lot on one freehold title there is nothing like it around,” McFadyen says.
“Many parades of what we call ‘shop top developments’, such as this, have been withdrawn from the market for future redevelopment so they are actually quite scarce.”
This popular shopping strip in Corunna Rd is selling through expressions of interest.
The property is positioned on a prominent corner known as ‘The Five Ways’ as it is where Balaclava Rd intersects with several different streets.
It is just a three-minute drive to Macquarie University and a five-minute drive to Ryde Hospital.
Current tenants include Vinny’s Pizza and Pasta, Australia Post, Riviera’s Homemade
Treats, The Grain and Tensegrity Sports Clinic. Among neighbouring businesses is Dominos, Pizza Hut, Five Ways Pharmacy and Eastwood Liquor.
“It trades well for a suburban set of shops,” McFadyen says.
“The tenants would love to stay longer term – the post office would stay for another 10 years – but we are not in a position to offer that because we don’t know what the buyer wants.
The area is a popular local shopping strip for Eastwood locals
“Under the current planning controls there is probably scope to put some more residential on top – they don’t support full redevelopment unless the buyer looks at amalgamating with the neighbours and then looking at a rezoning.”
The family, who has held the property for four decades made a decision to sell at the end of the year before the current COVID-19 pandemic.
It had originally been scheduled to be auctioned this week, however, has since been changed to an expressions of interest campaign.
“The property is fully leased – they don’t have to sell it,” McFadyen says.
“We have had some interest and contracts out but we will see how it goes on April 24 and we will determine what comes of it.”
This article from the Northern District Times originally appeared as “Eastwood: Family to sell popular retail strip after 40 years”.
