You have 0 free articles left this month.

Lawyers Weekly - legal news for Australian lawyers

Powered by MOMENTUM MEDIA
lawyers weekly logo
Advertisement
SME Law

Gelato store sells for $2.9m in Sydney CBD

A Sydney central business district gelato store has sold for the highest price in Australian retail property history. Bartier Perry represented their long-time client in the sale of the property.

June 03, 2022 By Adrian Suljanovic
Gelato store sells for $2.9m in Sydney CBD
expand image

Firm: Bartier Perry

Deal: Bartier Perry has advised an unnamed longstanding client on the “sale of Australia’s most expensive retail site”.

Value: $2.9 million

Area: Property

Key players: The Bartier Perry team was led by partner Irene Horan, who was supported by associate Julia Yassa and lawyer Jane Lee.

Deal significance: The property has sold for the highest price in Australian history for strata retail on a square metre rate, the firm said in a statement.

The site’s strategic location on the retail walkway to the Sydney Opera House was key to the amount of interest it received, selling for over $2.9 million despite only covering 16 square metres. Ms Horan said that this sale was pleasing due to it being a sale for a longstanding client.

She said: “The sale highlights the old property cliché of location, location, location, with the store having seen close to 2.9 million people walk past during pre-COVID times.

“For all the talk of interest rates and inflation we expect to see continued investor and buyer interest in the best retail locations in Sydney and beyond.”

You need to be a member to post comments. Become a member today
Got a tip for us?
If you have any news tips or stories to share, feel free to send them our way.
Momentum Media Logo
Most Innovative Company