This article is from the Australian Property Journal archive
SYDNEY’S north-western suburb of Eastwood has seen its largest-ever commercial property sale under the hammer, with a strip of retail buildings selling for $29.8 million at a bumper auction.
Offered for sale by local private owners for the first time in 37 years, the property was picked up by local investors for on a yield of just 2.09%.
Located in the bustling Rowe Street precinct, the property spans 962 sqm and features three freehold commercial buildings housing a supermarket, restaurant, optometrist, solicitor, and beauty clinic.
CBRE agents Ray Ahsan and Lord Darkoh facilitated the sale of 167-173 Rowe Street, which they said attracted significant interest from both local and international buyers and over 18 registered bidders.
“We currently have more than $450 million in unplaced capital, and we are working to deploy this capital across a number of commercial opportunities in NSW, leveraging the momentum generated during this campaign,” Ahsan said.
Darkoh said the fierce competition from local and international buyers underscored the rarity and desirability of the asset, given its prime location opposite the upcoming Eastwood masterplan redevelopment.
“Investors clearly recognise the significant growth potential in Eastwood, driven by the revitalisation of the Eastwood Shopping Centre and its emerging status as a cultural hub within Sydney,” he said.
