A former NAB branch at Riverwood, in Sydney’s south, has sold to a local business owner for $2.9 million.

Raine & Horne Commercial Liverpool’s Vincent Stevens in conjunction with another firm brokered the deal for 311-313 Belmore Road on behalf of Taged Investments Pty Ltd.

The 355 square metre building in the Riverwood Town Centre has refurbished retail space with a wide 12-metre frontage at street level, plus a basement with an additional 217 square metres of space and rear-lane access.

“Most of the enquiry for the property were local owner-occupiers after some earlier interest from investors,” Vincent said. “The new owner is a discount retailer.”

Former bank sites are popular because they are typically well-located. “The property is close to medical and professional services businesses,” Vincent noted. “It is also located 50 metres from the train station.”

Regarding the Liverpool commercial market, Vincent says investors have dropped back a little over the past few months. “Owner-occupiers who have some equity behind them or some cash burning a hole in their pockets are leading the charge for commercial assets.”

Vincent continued, “It’s fair to say, Liverpool, Riverwood and surrounding markets are favouring buyers – so those vendors prepared to meet the market will secure a sale.

“Well-located properties are still attracting decent enquiry.”

Raine & Horne Commercial Liverpool, for example, is marketing a ground floor strata shop in the Liverpool CBD. “Ground floor strata shops are rare in Liverpool, and after a short lull due to COVID-19, we now have three business owners competing with each other for this property.”

Looking ahead, Vincent predicts the office market in Liverpool will plateau as larger companies take some time to determine how to reconfigure their offices and workforces.

“Consequently, we expect a softening in office leasing prices, which will attract smaller firms back to the Liverpool CBD.”

For all your commercial property sales and leasing enquiries in Liverpool and surrounding suburbs, contact Raine & Horne Commercial Liverpool on 02 9600 7666.