This article is from the Australian Property Journal archive
A PRIVATE Chinese investor has snapped up a building at Eastwood in Sydney’s north-east for $3.068 million on a tight yield of 2%.
The approximately 635 sqm site at 22 East Parade, Eastwood, was sold at auction by Ray White Commercial Jeff Moxham and Samuel Hadgelias.
Moxham said the site was subject to unprecedented interest with more than 75 enquiries, almost 40 received in the first week.
He added that a number of the prospective purchasers were locals demonstrating high demand for investments in Eastwood’s tightly held market.
The site is currently tenanted by a local Church group and is returning a rental income of approximately $65,000 per annum.
“More than 20 contracts were issued prior to the in-room auction with an estimated 10 purchasers attending to bid,” Hadgelias said. “The bidding competition was strong for this investment with the purchasers holding a long term view for the property. The property benefits from 11 on-site parking spaces and a flexible existing floor plan.”
Australian Property Journal
