02 June 2022

Gelato store sells for $2.9m in Sydney CBD

This article was originally published by Adrian Suljanovic for Lawyers Weekly (2 June 2022).

A Sydney central business district gelato store has sold for the highest price in Australian retail property history. Bartier Perry represented their long-time client in the sale of the property.

Firm: Bartier Perry

Deal: Bartier Perry has advised an unnamed longstanding client on the “sale of Australia’s most expensive retail site”.

Value: $2.9 million

Area: Property

Key players: The Bartier Perry team was led by partner Irene Horan, who was supported by associate Julia Yassa and lawyer Jane Lee.

Deal significance: The property has sold for the highest price in Australian history for strata retail on a square metre rate, the firm said in a statement.

The site’s strategic location on the retail walkway to the Sydney Opera House was key to the amount of interest it received, selling for over $2.9 million despite only covering 16 square metres. Ms Horan said that this sale was pleasing due to it being a sale for a longstanding client.

She said: “The sale highlights the old property cliché of location, location, location, with the store having seen close to 2.9 million people walk past during pre-COVID times.

“For all the talk of interest rates and inflation we expect to see continued investor and buyer interest in the best retail locations in Sydney and beyond.”