Retail Store Sells in Sydney’s Newest $300m Economic Precinct

A strata retail shop located in 'The Quay’, has been purchased by an offshore investor from Hong Kong for $2.95 million, on a 5.1 per cent yield, through

Knight Frank. The Quay is a $300 million mixed-usage development designed to transform one of the most vibrant and colourful pockets of the city into a new urban home.

Shop 7, at 61-79 Quay Street, is currently leased to the well-established Chinese noodle bar-'Two Sticks' on a brand new five-year lease with two time five-year options.

The shop is an 82 square metres plus one car space, and is the second Sydney CBD store for Two Sticks, after the huge success of the George Street store which opened six months ago. The transaction was handled by Andy Hu of Knight Frank, on behalf of Connoisseur Investment PTY Ltd.

Mr Hu said in this tightly held market sector, high quality retail shops are rarely offered to the market.

"We have seen a large number of offshore investors especially from Hong Kong, actively searching for quality prime strata retail investment opportunities and the investment yield has tightened further due to limited supply on the market," Mr Hu said.

The retail space is within walking distance from Central Station, Darling Harbour, Paddy’s Markets, UTS and the soon to be redeveloped Entertainment Centre.