In the midst of Chinese New Year a rarely offered freehold retail investment neighbouring Sydney’s Chinatown has been put to market through Samuel Gong and Andrew Vines of Belle Property Commercial; the vendors are private individuals, Ning Ding and Min Xu.
The property comprises of eight retail shops on the ground floor of the Inmark Tower development, which was completed in 2011. The development comprises a 35-storey and a 19-storey residential tower above two levels of basement levels and a three-storey podium. There are a total of 218 residential apartments, providing an excellent close customer base for the shops, which have a 50 metre frontage to George Street and the future Light Rail. The shops’ tenants include Suncorp, Six Po Hot Pot, Holy Shake, Show Neue Thai Street Food, World Citi Medical & Dental and Palsaik Korean BBQ.
Previously the eight shops and two car space lots were bought off the plan in 2010 for $19 million and were almost immediately on-sold for $26.5 million.