Bonnet Bay Shopping Centre sells for $3.7 million at auction

Unique offering: The Bonnet Bay Shopping Centre is described as unique. “We don’t get very many properties like this, a little neighbourhood shopping centre that has a captive catchment," Burgess Rawson agent Darren Beehag said.
Unique offering: The Bonnet Bay Shopping Centre is described as unique. “We don’t get very many properties like this, a little neighbourhood shopping centre that has a captive catchment," Burgess Rawson agent Darren Beehag said.

The Bonnet Bay Shopping Centre was sold at auction this week for $3,760,000.

There were five parties bidding for ownership at the October 23 auction, according to real estate agents Burgess Rawson.

The successful bidder was a private Sydney-based investor who had missed out on other retail offerings in the same auction.

The 2653sqm neighborhood centre is anchored by Friendly Grocer supermarket and liquor and has six other tenancies and 34 car spaces.

The centre last traded for $1,915,000 in 2010. It has a net annual income of $223,100. 

“We had a large number of parties inspect the premises during the marketing campaign,” Burgess and Rawson selling agent Darren Beehag said.

“There was a lot of interest. We had 87 inquiries and of these 21 contracts were issued.

“There were five bidders and in the end it was purchased by a Sydney-based investor from north-western Sydney who was bidding earlier in the auction for a Bathurst property occupied by Autobarn.

“When he missed out on that he successfully bid for the Bonnet Bay Shopping Centre which he had also inspected.”

Mr Beehag described the location and amenity of the Bonnet Bay shopping centre as unique.

“We don’t get very many properties like this, a little neighbourhood shopping centre that has a captive catchment.

“These types of Sydney metro neighbourhood retail centres don’t come to market very often, the vendor had held this centre for over eight years,” he said.

“The centre is fully leased with not only supermarket, but hairdresser, pizza take away, café, accountant office and a two-bedroom residence.

“Many of the businesses there have been in occupation for 10 years or more so long time patronage added to the attractiveness of this asset”

The sale was part of $37,000,000 worth of investment real estate transacted at Burgess Rawson’s Portfolio Auction at Sydney’s Doltone House on October 23 including a retail premises at Concord and a Jaycar Electronics investment in Bondi Junction.

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