Local investors secure landmark Eastwood property for $29.8 million

A prime commercial property, offered for sale by local private owners for the first time in 37 years, has been snapped up at auction by local investors for a record $29.8 million, representing a 2.09% yield.

CBRE agents Ray Ahsan and Lord Darkoh facilitated the sale of 167-173 Rowe Street, which attracted significant interest from both local and international buyers.

Mr Ahsan noted this was the largest commercial auction sale price in Eastwood's history.

“This sale sets a new national benchmark for commercial investments and retail freeholds across Australia in 2024. The overwhelming interest, with over 18 registered bidders, reflects the strong demand in the market. We currently have more than $450 million in unplaced capital, and we are working to deploy this capital across a number of commercial opportunities in NSW, leveraging the momentum generated during this campaign,” Mr Ahsan said.

Located in the bustling Rowe Street precinct, the property spans 962sqm and features three freehold commercial buildings housing a high-quality supermarket, restaurant, optometrist, solicitor, and beauty clinic.

Mr Darkoh said the landmark sale highlights Eastwood's vibrant property market and underscores the area's potential for growth and investment.

“The fierce competition from both local and international buyers underscores the rarity and desirability of this asset, especially given its prime location opposite the upcoming Eastwood masterplan redevelopment. Investors clearly recognise the significant growth potential in Eastwood, driven by the revitalisation of the Eastwood Shopping Centre and its emerging status as a cultural hub within Sydney,” Mr Darkoh added.