An approved church site in Regents Park has sold at auction for $3,750,000 – well over the reserve price – amid ongoing demand for Sydney properties approved for religious purposes.
The record sale result was achieved before a large, socially distanced crowd at an auction steered by CBRE’s Robert Dowdy and Raj Chaudhary.
A Sydney temple group - Shaolin Kungfu Meditation of Australia - purchased the site, which is situated at 14 Clapham Road and 24-26 Elaine Street.
It represents a strong outcome for the vendor, the Indonesian Christ Family Church, who have owned the site for 22 years but are now on the hunt for larger premises.
Mr Dowdy said the sale campaign had attracted 82 enquiries, 20 registered bidders, 70 attendees and 108 bids, with religious groups vying against developers and industrial occupiers. The sale price sets a record rate of $2,648/sqm for industrial land in Sydney’s west.
“Potential church sites are hot property, given the limited availability of land approved for religious purposes and the process required to achieve rezonings,” Mr Dowdy said.
“The large crowd on auction day highlights that buyers are still ready and willing to buy good opportunities under auction conditions despite the COVID-19 pandemic.”
Zoned IN2 Light Industrial, the property had a site area of 1,416sqm and includes a freestanding building of 844sqm.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
