Prime Woollahra retail corner sold for $15.1m to tech group Rockend
Polo playing property developer Sam Ballas has sold a landmark corner building on Woollahra’s Queen Street for $15.1 million to the founders of property software group Rockend.
The sale at auction equated to a tight yield of 3.2 per cent.
According to CoreLogic, the classic Victorian building last sold for $134,000 in 1992.
The vendor, Pozetu Pty Ltd, is directed by Mr Ballas, a well-known property developer and current treasurer of the NSW Polo Association.
A caveat on the title was registered by Backas Pty Ltd, a company owned by the Maple-Brown family, founders of Rockend.
The two-storey retail and office property at 80-82 Queen Street stands on just over 400 sq m in one of the swishest shopping strips in the eastern suburbs.
Ground floor tenants include luxury homewares retailer The Bay Tree. Beautician Jocelyn Petroni and Roth Architects occupy the first floor.
Ray White Woollahra’s Ben Vaughan and Bruce Ibrahim of Confidence Property marketed the property.
Mr Vaughan said: “We had more than 100 inquiries throughout an incredibly active campaign that culminated in having eight registered bidders in the room on the day.
“The bidding started at $12 million and the competition in the room drove the sale price all the way up to $15.1 million with a grand total of 15 bids.
“Woollahra continues to see quality sales as they present a true trophy asset with strong rental yields. The buyer profile was long-term investors with the most serious interest coming from those wanting the asset as a passive investment.”
