This article is from the Australian Property Journal archive
A MIXED use commercial freehold building with development potential in Sydney’s north west has sold to a local private investor for $19,250,000 in a heated online auction.
It was the first time in 30 years that the 1,467 sqm site at 42-50 Rowe Street in Eastwood was put to the market.
Ray White Commercial’s Jeff Moxham, Samuel Hadgelias, Peter Vines and Victor Sheu managed the campaign, which saw the warehouse and showroom property go under the virtual hammer due to Sydney’s ongoing lockdown, and the agents said the result was one of the largest the Ray White group has seen for an online auction results.
Bidding started at $13,000,000 and increased at a fast pace.
“It was an incredibly successful campaign, with over 185 enquiries, more than 30 individual inspections and 14 registered bidders logging in online on the day to compete with 77 bids,” Vines said.
“As one of the few retail markets unaffected by the COVID-19 pandemic, Eastwood’s retail market is stronger than ever.”
The property was offered with B4 mixed use zoning that allows for a 15.5 metre height limit and neighbours an Aldi supermarket.
Hadgelias said that the last minute switch to an online auction platform as a result of the Sydney lockdown didn’t deter buyers, who were prepared to competitively bid to own this coveted piece of real estate.
“We had to make a quick pivot after lockdown was called during the campaign, but it paid off to push ahead and utilise the well-crafted online auction technology we had at our disposal,” he said, adding that the switch to online auctions has been perfected by real estate groups throughout the pandemic.
Sheu said these types of assets perform very strongly, and are usually held for generations.
“Buyers are desperate to put their foot on anything in a prime location, where they can take a minimal return and develop in the future.
“Eastwood is a genuinely unique market as it attracts a range of buyers that have an emotional attachment to the area.”
He said these assets are fiercely contested by many “local Chinese and Korean owners”.
A long 340 sqm retail building leased to PK Pacific Ocean nearby at 159 Rowe Street, on the other side of Eastwood train station, sold at auction for $7.25 million 18 months ago.
