Media release - 18^th December, 2014

A prime commercial property in the inner Sydney suburb of Marrickville sold today under the hammer for $2.4 million.

Selling agent, Luke Smith, Director of Raine & Horne Commercial South Sydney/Marrickville, said that a private investor paid $400,000 above reserve to secure the three-storey freehold building, which sits on a 196 square metre block at 249 Marrickville Road, Marrickville.

“The auction attracted nine motivated bidders and the result demonstrates that any retail building in Sydney’s Inner West with the potential for improvements or residential conversions is in red-hot demand,” said Mr Smith, who sold the property on behalf of the Hatzopoulos family.

The property provides approximately 430 square metres over the three levels, with the ground floor retail shop currently vacant. The ground floor space also comes with a large double lock-up garage of approximately 30 square metres that can be accessed via a rear lane.

The first and second floors of approximately 160 square metres each are leased to monthly tenants including a dance school – Majestic Performing Arts – and a private music school.

For all your commercial sales and leasing requirements in South Sydney and the Inner West, contact Raine & Horne Commercial South Sydney/Marrickville on 02 9572 8855.

–ENDS–

For further media information contact:

Luke Smith, Director, Raine & Horne Commercial South Sydney/Marrickville on 0416 281 577