Tiny Sydney ice cream shop sells for eye-watering price

The 16-square-metre store on Macquarie Street, Circular Quay, has set a new Australian record of $185,000 per square metre.

The tiny patch of Sydney real estate sold for exactly $2.97 million.

The property has been owned by a family for 20 years and has never been vacant due to its prime location on the golden mile, the retail strip leading up the Sydney Opera House precinct.

“The location is a once-in-a-lifetime opportunity to purchase a trophy retail investment right on the doorstep of the Opera House,” Andrew Vines from Retail Commercial Consultancy said.

Despite the eye-watering price, Mr Vines was hoping to break records even more.

“It was obviously a really great result, I would have liked to get a little bit more,” he said.

Mr Vines said this sale is a 20 per cent increase on the last purchase per square metre.

There were seven bidders at the auction but one lucky private investor based in Melbourne took out the prime location.