SOLD AT AUCTION
45 Burwood Highway, Burwood
Sale Price: $3,490,000
Land Area: 1,194sqm
Rate for Land: $2,923/sqm
Formerly the home of Strapp Ford, this Commercial 1 zoned site with a combined corner frontage of over 68m offered unsurpassed potential for future development. You can view the commercial property brochure here: http://bit.ly/16QzSzc
It was clear from the commencement of the marketing campaign that this would be a competitive auction. The commercial real estate site attracted significant interest with over 110 enquiries, 70 people in attendance at the auction and 5 bidders. The rate achieved for land is a significant result well exceeding expectations based on comparable sales evidence.
SOLD PRIOR TO AUCTION
56 Highbury Road, Burwood
Sale Price: $500,000
Land Area: 308sqm
Rate for Land: $1,623/sqm
Current Rental Income: $24,169 net p.a.
This Industrial 1 zoned site offered prime subdivision potential with a previously issued town planning permit for further development. You can view the property brochure here: http://bit.ly/1FACyzP
The property had been on the market for private sale since the end of last year with a steady flow of enquiry and a number of low offers received. Within one week of setting an auction date and commencing the auction marketing campaign, a previous enquirer stepped up to the mark and offered an acceptable price.
Both of these results highlight the effectiveness of selling at auction. While private sale can yield results, we find time and time again that auctions typically extract the best price within the shortest time. If you own commercial properties within these growth corridors and you’re thinking of selling, auction is certainly the way to do it.