No arcade fire sale at $6.48million
LAWSON Arcade Byron Bay has been snapped up by a Hong Kong based private investor for $6.48million.
The deal was brokered through Byron Bay Property Sales' Kath Vaubell and Teska Carson Agents with at least 100 enquiries predominantly from Melbourne, Sydney and off-shore, with nine formal Expressions of Interest lodged.
The 17 Lawson Street arcade had recently undergone a $250,000 refurbishment and was sold fully let on a tight 4.7 per cent yield of approximately $465,000p.a.
Teska Carson Director Michael Ludski, said investors had recognised the tremendous growth potential in Byron Bay one of Australia's most popular beach resorts with limited retail space available in the town.
He said Byron Bay's popularity, attracting high levels of tourists- currently more than 2 million a year, and new residents, was a key factor in the sale.
"These resident and tourist numbers continue to provide significant returns and excellent growth potential underpinning local businesses,'' Mr Ludski said.