This article is from the Australian Property Journal archive
A RETAIL investment property in Sydney’s tightly held inner west suburb of Burwood has sold at auction, setting a new record of $32,093 per sqm after attracting strong interest from offshore buyers who flew in from Hong Kong, Singapore and China.
The 99 Burwood Rd Burwood property, 10km from the CBD, has sold for the first time in 35 years.
Agents CI Australia’s sales executive Nick Lowry said the frenzied auction has broken the sales record. 17 parties attended the event with the property selling under the hammer for $6,900,000.00 + GST equating to a 2.46% yield.
“The previous record of $29,236 per sqm of land set in 2017, was surpassed with 99 Burwood Rd transacting at $32,093 per sqm.
“The marketing campaign was extremely successful with over 450 enquiries and 76 contracts sent out. Buyer demand is as strong as we’ve seen it and with a lack of supply on the market, vendors are taking advantage of the current conditions,” he added.
Lowry said the location in one of Sydney’s prime growth areas and significant development potential attracted a number of offshore investors who flew in from Hong Kong, Singapore and China to attend the auction.
The site, which comprises a 170.3sqm freehold shop, with a 5.9m frontage to Burwood Rd, is situated along Burwood’s golden mile. Over the last five years, only seven freehold retail freeholds have transacted on Burwood Rd.
The property is located in a prime part of Burwood and has seen a large amount of high-density residential projects under construction with a number in planning stages and brings significant development potential with a B4 Mixed Use Zoning, a 70m height limit and 6:1 FSR.
