This article is from the Australian Property Journal archive
THERE were some encouraging signs at Sydney’s commercial property auction this week with one investment taking almost 20 minutes to sell after fierce competition between two bidders.
There were 13 listings and 12 properties went under the hammer at an Auctionworks’ event, with seven investments selling for more than $25 million.
“We were very encouraged by today’s results,” Auctionworks’ Jesse Davidson said.
“The most vibrant of the auction results came from the two Shead properties listings,” he added.
The first offering happened to be most contested investment of the day. A prime block of land at 446-448 Pacific Highway St Leonards sold for $5,035,000 after almost 20 minutes of bidding.
“There was an astonishing 162 Bids on this property. The result far exceeded our vendor’s expectations as two purchasers fought hard to secure the property. The auction went for approximately 20 minutes,” Davidson said.
The 707 sqm site zoned B3 commercial core is currently on a monthly lease to Oasis Car Wash at a net rent of $137,114 p.a. excluding GST. The agents Bill Geroulis and Rick Sombroek of Shead Property.
The same agents also sold another investment at 233 Victoria Rd Gladesville for $6,622,000.
The rare freehold boasts a land area of 800 sqm and is zoned B4 mixed use. It was sold with a monthly lease to Woolworths (BWS) on a net rent of $170,659 p.a. excluding GST.
“This was another wonderful sale. Perhaps the most interesting thing about this sale is that it was an original 40-year lease to Woolworths from 1963. The lease figures were still in pounds, shillings and cents,” Davidson said.
Another prized offering was a retail investment at 38-40 Spit Rd Mosman for $4,850,000. The agents handling the campaign were LJ Hooker Commercial’s Scott Stephens or Tim Abbott.
The agents said the property is one of the largest commercial land holdings at Spit junction and represents an excellent investment opportunity with significant upside and development potential (STCA). The 478 sqm site is improved by a 472 sqm single and double storey building which comprises three retail and commercial tenancies with three tenants currently paying approximately $147,131 p.a. plus GST.
LJ Hooker Commercial’s Jim Marinos sold an industrial facility at 48-54 Fitzroy St Marrickville for $4,000,000. The 1,129 sqm office/warehouse occupies a 1,346 sqm site.
A three-storey boarding house at 52 City Rd Chippendale sold for $2.5 million. Raine & Horne’s Joe Vigorito handled the campaign on behalf of a deceased estate. The boarding house comprises 11 rooms.
An industrial strata unit at 19/23 Bowden St Alexandria sold for $1,602,000. SQM Real Estate’s Simon Gray and Felix Lev handled the sale of the 426 sqm industrial unit with four car parking spaces. The property was sold with two sitting tenants on monthly leases returning $7,790.56 plus GST a month.
Finally, Raine & Horne’s Nick Moloney and Brett Stallard handled the sale of Lots 21 & 22, 28 Patrick St Blacktown for $406,000 on behalf of a mortgagee. The property comprises an area of 158 sqm.
Australian Property Journal
