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Freshwater indoor climbing centre sells for $4.87m

Yoshan Mendis • 02/09/2020

Cushman & Wakefield today announced that a Sydney based fund has sold an investment property in Freshwater Village on Sydney’s Northern Beaches for $4.87m. A local purchaser acquired the site fully leased to Skywood Climbing, Sydney’s newest climbing and bouldering centre.

Yosh Mendis and Geoff Sinclair from Cushman & Wakefield’s National Investment Sales and Aaron McLean from Cushman & Wakefield’s NSW Sales and Investment team managed the deal on behalf of the vendor, fielding more than 160 inquiries nationally for the property and multiple offers to purchase.

 

Skywood Sale

The 805 sqm property is located at Lot 1, 1-3 Moore Road in the retail precinct, Freshwater Village, 450m from Freshwater Beach. Skywood Climbing signed a new seven-year lease to 2026 with options to extend to 2040, which generates more than $300,000 in rental income per annum.

Yosh Mendis, Associate Director, National Investment Sales, Cushman & Wakefield said: “The site at the tightly held Freshwater Village precinct attracted significant demand from both local and interstate investors, value-add opportunists and developers.”

Geoff Sinclair, Associate Director, National Investment Sales, Cushman & Wakefield said: “We continue to see robust depth in the private investment market across Sydney’s metropolitan markets, with high net worth investors targeting quality, strategically positioned assets with strong income potential. This was on full display during the sale campaign for the Freshwater property, with multiple offers to purchase and more than 160 inquiries leading to an outstanding sale price of more than $6,000 per sqm.”

Aaron McLean, Director, NSW Sales and Investments, Cushman & Wakefield said: “The site was sold to a Sydney-based investor who was attracted to the property due to its strong leasing profile and fixed annual increases along with the prime location in one of Northern Beaches’ most coveted suburbs, Freshwater.”

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