This article is from the Australian Property Journal archive
CB Richard Ellis has launched its Going Going Gone auction campaign with around $50 million worth of commercial properties in Sydney.
CBRE’s private client group executive managing director Scott Gray-Spencer said the strong client response to the initial two campaigns had prompted the launch of the third portfolio which includes 14 retail, office, industrial and residential development opportunities throughout Sydney.
“We’re targeting auctions in the most part, which we believe is the best way to get things to a critical point. A lot of people are trying to sell properties off market or privately and it’s just not happening. We’re finding that auctions are what are driving buyers to make decisions in the current market,” he added.
One of the premier offerings is the former National Australia Bank premises on Darlinghurst Road, in the heart of Kings Cross. Situated next to McDonalds, the fully refurbished building is being offered through CBRE’s Andrew Westaway and Brian McInally.
Westaway said the revitalisation of Kings Cross and the site’s value-add potential were expected to draw significant interest in the sale campaign, with buyers having the potential to occupy, invest or develop the site, subject to council approval.
Another key offering is a 9.5 hectare Beacon Hill site on the Northern Beaches, which is being offered on behalf of the Metropolitan Local Aboriginal Land Council. The Warringah Road site offers residential subdivision potential or could be acquired as a single, luxury home site.
One of the highest priced offerings on the day is expected to be a major Officeworks site at Blacktown. Other high profile offerings include a fully-leased retail property at Sydney Olympic Park, several whole strata office floors in the Sydney CBD, and one of the last DA-approved retail sites in South Sydney outside of the Green Square precinct.
Also up for grabs is an 8,074 sqm office/warehouse in North Rocks which was originally offered for sale earlier this year as a fully leased industrial investment property. The CBRE marketing agent Cameron Grier said there had been limited enquiry and while a deal had finally been agreed, the sale had fallen through when the tenant in the 25 Loyalty Road complex went into administration
“The interest reflects the current market dynamics. On an investment basis the property was more difficult to sell, but with owner occupier demand we expect interest to be high,” Grier said.
Australian Property Journal
