This article is from the Australian Property Journal archive
ONE of the most significant commercial properties to offered in Sydney by auction this year, has sold under the hammer yesterday for $22.25 million following spirited bidding.
Joint selling agents DB Property David Brown and Jones Lang LaSalle’s James Aroney said they were pleasantly surprised by the response from buyers attempting to secure a key site in the prime inner eastern suburbs of Sydney.
The property at 46 – 56 Kippax St Surry Hills in Sydney’s city fringe sold for $22,250,000, with competition from four different groups.
The property was one of five properties successfully selling at the auctionWORKS’ Margaret St rooms yesterday representing a 71% clearance rate.
Auctioneer David Scholes said commercial property buyers are back in force.
“Whilst it is wonderful to see high profile, top end property sell at auction, it is equally encouraging to see solid competition in all sectors of the market.
“We had development sites, investments and strata factory units all sell today which shows the growing confidence in bricks and mortar.” Scholes said.
The nine level Kippax St commercial and retail building current returns $1,328,00 p.a. with two levels of vacant space.
Brown said the campaign resulted in some of the strongest enquiry levels he had seen in years for this style of property.
“The improvement in market conditions in the last six months gave the owners the confidence to auction this holding. Significant overseas and local interest justified their decision and an outstanding price was achieved.” Brown concluded.
Property Review
