Fierce Competition for Eastwood Investment Results in 2% yield
An investment opportunity at Eastwood in Sydney’s north-east has been sold at auction by Ray White Commercial NSW for $3.068 million.
The approximately 635 sqm site at 22 East Parade, Eastwood, was sold under the hammer to a private Chinese investor by Jeff Moxham and Samuel Hadgelias of Ray White Commercial NSW on behalf of a charitable organisation for a yield of 2.0 per cent.
Jeff Moxham said the site was subject to unprecedented interest with more than 75 enquiries, almost 40 received in the first week.
He said a number of the prospective purchasers were locals demonstrating high demand for investments in Eastwood’s tightly held market.
The site is currently tenanted by a local Church group and is returning a rental income of approximately $65,000 per annum.
Samuel Hadgelias said the property is ideally located in Eastwood, just a short 300m walk from Eastwood Railway Station and Shopping Centre.
“More than 20 contracts were issued prior to the in-room auction with an estimated 10 purchasers attending to bid,” he said.
“The bidding competition was strong for this investment with the purchasers holding a long term view for the property. The property benefits from 11 on-site parking spaces and a flexible existing floor plan.”