13.2 C
Byron Shire
May 22, 2024

Hong Kong investor buys prime Byron site for $6.5m

Latest News

Mandy Nolan’s Soapbox: Why are we so blasé about violent pornography?

Why is it a turn on to hurt us? Recent intersectional studies have shown that online misogyny and violent pornography are contributors to a sharp rise in domestic violence. In NSW alone, police attend 500 incidents every day. If there were 500 threats or incidents at banks, or to the government, we would be in a state of emergency. Instead we stop, shake our heads, we listen to good men in government speak empty words, make a few promises, and move on. If you’ve ever lived through violence, it’s pretty well what your abuser does after hitting you.

Other News

Brunswick 30 has been delivered to Brunswick Heads Boat Harbour

Following successful sea trials at Yamba the Brunswick 30 was delivered to Brunswick Heads Boat Harbour on Wednesday, May 15. 

Spice Palace: a mecca for Middle Eastern dips and spice mixes

Victoria Cosford The business was a natural fit for Bec and Tom, new owners for the past few months, of...

We Like to Tiki: Caper festival closing party this Sunday

North Byron Hotel is the official watering hole of Caper Byron Bay Food & Culture Festival 2024. To celebrate...

Cabarita Beach powers up with new EV fast charger

The future of sustainable transport is rolling into northern NSW with the opening of a new electric vehicle fast charging station at Cabarita on the weekend.

NSW gears up for humpback migration with expanded disentanglement team

An expanded team of specialised rescuers are poised and ready to launch as tens of thousands of majestic humpback whales begin their annual migration along the NSW coastline.

Feudalism alive

The increasingly restrictive parking at New Brighton shows feudalism is alive and well. It is understandable – wanting to protect...

17 Lawson Street, Byron Bay, better known as Lawson Arcade, has sold to a Hong Kong investor for $6.48 million. Photo supplied

A prime Byron Bay retail site with an annual income of almost $0.5 million has been sold to a Hong Kong-based private investor for $6.48 million.

It last traded for $5.26 million in 2003.

Michael Ludski from Teska Carson, who brokered the deal with Byron Bay Property Sales, said the fully let Lawson Arcade attracted at least 100 enquiries – predominantly from Melbourne, Sydney and overseas – with nine formal Expressions of Interest lodged.

Nevertheless, the rental income return of $465,000 on the $6.48 million price paid, represented ‘a tight 4.7 per cent yield’ for such a ‘prized retail asset’, Mr Ludski said.

He added investors had ‘recognised the tremendous growth potential in one of Australia’s most popular beach resorts and the limited retail space available in the town,’ implying stressed retailers could potentially see further price increases.

He said Byron Bay’s popularity, ‘attracting high levels of tourists and new residents’, was a ‘key factor’ in achieving the price.

The 594 square-metre arcade contains three shops, two restaurants and four office suites and had recently undergone a $250,000 refurbishment.

 


Support The Echo

Keeping the community together and the community voice loud and clear is what The Echo is about. More than ever we need your help to keep this voice alive and thriving in the community.

Like all businesses we are struggling to keep food on the table of all our local and hard working journalists, artists, sales, delivery and drudges who keep the news coming out to you both in the newspaper and online. If you can spare a few dollars a week – or maybe more – we would appreciate all the support you are able to give to keep the voice of independent, local journalism alive.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trains on roads

Soon we will have electric self-driving cars. The number of cars around the world could drop to ten per cent because most people won’t...

Posters gone

I am writing to bring attention to a growing issue in our community – the removal of community posters. As a resident of this...

Bimbo Jimbo

For Treasurer Jim Chalmers to say that it was ‘simpler’ to just give everyone the energy rebate of $75 per quarter is stupid but...

Cartoon of the week – 22 May, 2024

The letters deadline for The Echo is noon Friday. Letters longer than 200 words may be cut. The publication of letters is at the discretion of the letters editor.