$41,000 purchase turns into $2.9 million

A Western Sydney tarp repairer business, Nans Tarps has reaped $2.9 million from the sale of its Lidcombe site after 42 years of ownership.

The husband-and-wife team behind Nans Tarps purchased the commercial landholding in 1981 for $41,000.

Located at 25 Vaughan Street, the 506sqm land parcel has three street frontages and includes an existing 310sqm freestanding building that is currently used as a warehouse and office facility. The family is relocating and will continue to run at a new location. 

CBRE’s Robert Dowdy steered the auction campaign which received 150 enquiries from owner-occupiers, investors and developers.

“Over 85 bids were received throughout the auction, with bidding starting at $1.8 million. It was a special day for the family having owned the premises for such a long period of time,” Mr Dowdy said.

“Despite interest rates rising in the past 12 months, this has not stopped owner-occupiers from being very active and acquiring freestanding assets as they require a premises to make money.”