North Sydney auction frenzy generates 18625m sale result
North Sydney auction frenzy generates $18.625m sale result
| 10 April 2017
Fierce demand for investment opportunities in North Sydney’s property market has underpinned a record auction result, with the seven out of eight properties transacting across a portfolio of assets – culminating in $18.625 million of transactions.
More than 120 people attended the bulk auction event held at CBRE’s North Sydney office, which consisted of eight assets located across North Sydney – ranging in metropolitan, industrial and retail properties.
An industrial/warehouse property at 3 Nathan Lane in Willoughby attracted interest from more than four bidders, resulting in a final sale price of $2.6 million. The sale represented a 17% increase in value from when it last changed hands in May 2016.
Another strong result included the sale of a vacant landholding at 1292 The Lakes Way in Mayers Flat. Three bidders competed for the property, with the final sale price of $3.75 million reflecting $750,000 above the reserve.
An Artarmon property at 15/176 Reserve Road set a new record of $5,700 per sqm for a strata property. The property was purchased by a local private for $1.390 million - $90,000 above reserve and reflecting a net return of 4.8%.
In a fourth transaction, 15 bidders competed for a Gosford property, resulting in a sale price of $2 million - $50,000 above reserve. The 176 Gertrude Street property sold at a yield of 4.6% (gross).
CBRE’s North Sydney Managing Director Ryan Johnson said the strong results highlighted the company’s leading position in the market.
“By collaborating across our Metropolitan, Industrial & Logistics, Retail and Asian Services Desk business lines, we were able to achieve some outstanding results for our clients, including record prices achieved for the Artarmon market,” Mr Johnson said.
The event kicked off with a charity champagne auction, with money raised going to the Manly Warringah Women’s Resource Centre – a Northern Beaches charity supporting those impacted by domestic violence.
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