Sydney, 28 May 2014 – Dazzle International acquired the 1,493sqm Mixed Use property at 110-112 Addison Road for $900,000 over the reserve price prior to auction.
The property, which was sold as a development site with vacant possession, features two street frontages and a building height limit of 14 metres.
CBRE’s Robert Anderson and Nick Sinclair, who sold the property on behalf of the private vendor, John Walsh, said the property attracted strong buyer demand from both offshore and local parties.
“We received well over 110 enquiries on this property and issued 40 contracts, which, combined with the sales results, is evidence of the competitive market conditions and strong buyer demand at present,” Mr Anderson said.
“Sydney’s inner-west in particular is strongly viewed as an attractive region to invest and develop, with it quickly becoming one of the fastest growing locations renowned for its vibrant Enmore Road and Newtown precinct.”
Mr Anderson said the new owner intended to undertake a residential development on the site.
The property is located in close proximity to public transport networks and local amenities including the Marrickville Metro shopping centre.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.