MORE THAN 150 people lined the street as a tenanted retail asset, offered to the market for the first time in over 40 years, sold for $7.25M at auction at 159 Rowe Street in Eastwood.
The property, that came with a 340sq m* building area and 303.5sq m* land area, offered dual street frontages onto Hillview Lane and Rowe Street.
The asset was marketed and sold by Ray White Commercial NSW – Western Sydney Associate Director Victor Sheu, Director Joseph Assaf and Managing Director Peter Vines.
Mr Sheu said the response throughout the campaign had been incredible with more than 200 enquiries from various avenues.
“This is the first time this family-held property had been offered to the market in over 40 years and we issued more than 60 contracts before auction day,” said Mr Sheu, the Western Sydney Asian market specialist.
“It’s no exaggeration to say the street was absolutely packed, and in the crowd of more than 150, there were around 50 bidders wanting to compete.
“The bidders were predominantly Asian investors and local business operators, with two of the potential buyers actually flying in from overseas to attend the auction.
“Eastwood is surrounded by affluent suburbs that have attracted a high volume of Asian migrants seeking comfort and convenience, and like Chatswood and Burwood, has been an extremely tightly-held market.
“The property was on the western side of the station and this area has always attracted Asian investors, particularly of Chinese background.
Mr Vines said the Eastwood retail market had been relatively immune to the slowdown of retail, and had kept growing over recent years.
“The Council has committed to redeveloping the council car park to cater for the growing population and demographic,” Mr Vines said.
“The asset has had its current tenants since the early 90’s, with other businesses hungry for space in Eastwood, there seems to be anticipation the rent could be increased with some work done to the property.
“Incredibly, bidding started at $3,477,000 and more than doubled to its final sale price of $7,250,000, such was the interest in this opportunity.”