This article is from the Australian Property Journal archive
DEVELOPMENT sites across Sydney were the hot ticket items in this week's commercial auction, where a clearance rate of 63% was achieved.
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Auctionworks` Jesse Davidson said 22 properties were listed for auction although two were postponed and one withdrawn.
Of the 19 commercial properties that went under the hammer, 12 sold achieving a clearance rate of 63%.
“It is likely that at least another three properties (passed in) will exchange.
“There was certainly some strong bidding in the room giving us more confidence in this current market,” Davidson said.
The most expensive property sold was a development site at 359 Hume Hwy Liverpool for $6.33 million. JLL`s John Macree and Leslie Cheng handled the campaign for the 4,210 sqm site, which is underdeveloped site with a current 1.2:1 FSR. Offered with vacant possession, the site is within Sydney`s South West Growth Centre and can accommodate any development including residential, commercial, hotels, fuel depots, churches and education project.
Another development opportunity at 13-17 Gymea Bay Rd Gymea sold for $4.84 million. The agents were Shore Commercial Property`s Richard Rubenach in conjunction with Sharp Project Sales` Greg Sharp. The property currently comprises a two-level 567 sqm retail and commercial building consisting eight tenancies, seven of which are leased.
At 87 Parramatta Rd Camperdown, a mixed-use development site with a concept plan for 12 apartments plus one commercial space sold for $3.3 million. The 276.20 sqm site boasts three street frontages and is zoned B4 mixed-use with a 3:1 FSR and has a height limit of 22 metres. Taylor Nicholas` Stephen Karanfilovski was the agent.
At 78-80 New Canterbury Rd Petersham, a 375 sqm site sold for $2.92 million. Raine & Horne Commercial`s Luke Smith and Nicholas Smith handled the campaign. There is currently a two-storey 405 sqm commercial building on site with a short term tenant on a $5,000 per month lease.
A block of apartments at 129-131 Bayswater Rd Rushcutters Bay sold for $3.029 million. Laing + Simmons Nuri Shik sold the prime development opportunity. Currently the freehold consists a combination of 12 studio and two-bedroom apartments returning approximately $177,444 p.a.
At 724 Botany Rd Mascot, a 430.5 sqm two-storey building with development upside sold for $2.71 million. The agent was Raine & Horne Commercial`s Rebecca Saab. Occupying a 322.5 sqm site, the site offers investors, owner occupiers or developers an opportunity to reconfigure or redevelop (STCA).
At 281 Belmore Rd Riverwood, a 467.50 sqm property zoned 2B local centre, with development upside sold for $3.05 million. Sydney South Property Agents` Lino Parrottino sold the property on behalf of the Hurstville City Council.
A retail development site at 1402 & 1404 Pittwater Rd North Narrabeen sold for $2.59 million. JLL`s Ari Danas and Michael Ajaka handled the campaign for the 2,355 sqm over two titles, which is zoned B6.
There were only four non development sites sales.
At 144 Crown St Darlinghurst, a three level freehold terrace sold for $2.54 million. The boutique guesthouse consists nine furnished rooms and operates as Sydney City Lodge 144. D`Ettorre Real Estate`s Dominic D`Ettorre and Samuel Pacitto-Rusconi negotiated the sale.
D`Ettorre Real Estate was also the managing agent for the adjoining property at 146 Crown St, which sold separately for $3.005 million. The three-level property comprises 12 rooms and occupies a 164 sqm site.
An industrial warehouse at Unit 8/7 Clearview Place Brookvale sold for $350,000. The property comprises a total area of 122 sqm. Raine & Horne Commercial`s Mitchell Kerr handled the campaign.
Finally, Raine & Horne Commercial`s Michael Fragakis and Nicholas Smith sold an office and warehouse at 5/2-4 Bolton St Sydenham for $750,000. The property is currently leased at $42,545.40 p.a
Australian Property Journal
