A freehold building on a landmark site with redevelopment potential (STCA) in the inner west Sydney suburb of Haberfield has been sold at an epic auction with almost 500 bids for just over $13 million.
The former motel site on a land area of 2000 sqm at 169-173 Parramatta Road, Haberfield, was sold under the hammer by Ray White Commercial to a private investment company.
Ray White Commercial Inner West Principal, Tim Morrison said the auction event in the Sydney CBD attracted enormous interest with a big crowd on hand and six bidders going head to head to secure the property.
Mr Morisson said the auction conducted by Jason Andrew lasted for more than an hour with approximately 461 separate bids as three buyers battled hard for the title.
“A final bid of $1,000 was enough to win an intense struggle with the final price of $13,003,000 well above reserve," he explained.
Mr Morrison said the site had an approval in place for an aged care facility and offered an outstanding opportunity to re-use or redevelop (STCA).
“This site is strategically located approximately 6.5km from the Sydney CBD with easy access to surrounding arterials including Victoria Road and The City West Link.
“There is approximately 30m of frontage to Parramatta Rd and the building offers a total area of approximately 2400 sqm over three levels.
“There is basement and onsite parking so the building offered plenty for an owner-occupier, and, alternatively, its size and prominent position attracted strong interest from motel and other accommodation providers," Mr Morrison added.
An entire block of 28 studio apartments in Hawthorn has sold under the hammer for $4.6 million.
The 640sqm site at 37 Elphin Grove was sold by Fitzroys agents Geoff Emmett, Chris Kombi and Terence Yeh following a successful auction campaign.
The site comprises a three-level apartment building with two street frontages and on-site car parking, and sold with short-term monthly tenancies returning a total gross rental of $263,000 per annum, fully leased.
Kombi said the campaign generated more than 100 buyer enquiries and sold to an offshore purchaser.
The sale price reflected a land rate of $7,200 per sqm.
“The property offered a strong income along with enormous versatility and significant upside by way of refurbishment or redevelopment,” Kombi said.
Yeh said the site’s location was also a factor in the strong enquiry received.
“The property is within a quiet, tree-lined residential street adjoining parkland and is just 500 metres away from the popular Glenferrie Road retail and hospitality precinct, and within walking distance to Glenferrie Railway Station and Auburn Railway Station,” he added.