One sold, one on the market

A 3-storey 800-square-metre (GLA) retail property at 300 Church Street, Parramatta, in the heart of the city's traditional retail strip, has been sold to a syndicate of local investors for $3 million. The building, with current income of $164,325 per annuam, was earlier passed in at auction for $2.92 million. The tenant, Cash Converters, has a lease until September 2001. The yield was just under 4.3 per cent. Another retail property of 300 square metres over two levels, at 259 Church Street, was passed in at auction for $1.56 million. The fully-leased building is now for sale at $1.7 million.