Autumn Auction Achieves Sales Success
The team at Ray White Commercial NSW has achieved a 60 per cent per cent clearance rate with total sales of more than $11.3 million at their first in-house auction event of the autumn selling season.
Managing Director and Partner of Ray White Commercial NSW, Jeff Moxham, said five key offerings were presented for sale in Ray White’s auction rooms in the Sydney CBD with the event led by one of Australia’s leading auctioneers Jason Andrew.
With three of the five properties sold under the hammer and a fourth with terms agreed shortly after the auction, Jeff Moxham said he was pleased with the result.
“It was standing room only at the auction which reinforces the positivity we have felt in the commercial markets coming into 2017,” he said. “We saw strong interest in a real cross section of property.”
A DA approved residential development site at 258-264 Pennant Hills Road, Thornleigh, marketed by Michael Ajaka and Samuel Hadgelias was sold for $9.5 million under instructions from Bradley Tonks and John Vouris of PKF as Joint and Several Liquidators
Mr Ajaka said the approximately 1,510 sqm site approved for 73 residential apartments as well as five retail outlets was purchased by a Parramatta-based developer.
A free standing commercial building on a 889 sqm block at 10 East Market Street, Richmond, was sold to a private investor who plans to develop the site by Jeff Moxham and Samuel Hadgelias for $1.3 million on behalf of Legacy NSW.
A 63 sqm ground floor commercial office investment at 3/4 Charles Street, Parramatta, was sold by Joseph Assaf for $650,000, which represented a sharp 3.6 per cent yield. Terms have also been agreed on a Metro Petroleum service station and convenience store leased until 2023 with two five year options at 69 Davies Road, Padstow.
Jeff Moxham said: “We are looking forward to a strong year with various sectors of the commercial markets showing positive signs, in particular investment stock, yields continuing to compress with a wide demographic of investors chasing better returns than the low returns banks are able to currently able to offer.”