This article is from the Australian Property Journal archive
A $1,000 bid was all it took to close out the epic auction of a Haberfield site, which lasted for more than one hour and received 461 bids.
The former motel site of 2,000sqm at 169-173 Parramatta Road in Sydney’s inner-west sold for $13.003 million, with that winning bid representing just 0.0077% of the final price.
The property sold with approval for an aged care facility to a private investment company.
It currently comprises a three-level building of 2,400sqm and has around 30 metres of frontage to Parramatta Road.
Ray White Commercial’s Tim Morrison marketed the property on behalf of a private owner. Colleague Jason Andrew conducted the auction.
Morrison said the auction at the Ray White Commercial auction event in the Sydney CBD attracted enormous interest, with a big crowd on hand and six bidders.
“There is basement and onsite parking so the building offered plenty for an owner-occupier, and, alternatively, its size and prominent position attracted strong interest from motel and other accommodation providers,” he said.
Australian Property Journal
