Auction sales reap $18.5m
It was fast and furious at the recent auctions for assets from Willoughby to Gosford with seven out of eight properties transacting across a portfolio of assets, culminating in $18,625,000 of transactions.
More than 120 people attended the bulk auction event held at CBRE's North Sydney office, which consisted of eight assets located across North Sydney – ranging in metropolitan, industrial and retail properties.
Value increase: 3 Nathan Lane was sold for $2.6 million.Credit:Mark Merton
An industrial/warehouse property at 3 Nathan Lane in Willoughby attracted interest from more than four bidders, resulting in a final sale price of $2.6 million. The sale represented a 17 per cent increase in value from when it last changed hands in May 2016.
Another strong result included the sale of a vacant landholding at 1292 The Lakes Way in Mayers Flat. Three bidders competed for the property, with the final sale price of $3.75 million reflecting $750,000 above the reserve.
An Artarmon property at 15/176 Reserve Road set a new record of $5700 per sq m for a strata property. The property was purchased by a local private for $1,390,000 – $90,000 above reserve and reflecting a net return of 4.8 per cent.
In a fourth deal, 15 bidders competed for a Gosford property, resulting in a sale price of $2 million – $50,000 above reserve. The 176 Gertrude Street property sold at a yield of 4.6 per cent (gross).
Westmead project
Multiplex has been appointed by Health Infrastructure to deliver the $900 million Westmead Redevelopment, the State's largest hospital redevelopment project that will generate some 1500 construction jobs per year. The main works contract comprises a 12-storey acute services building designed by architects HDR Rice Daubney located within the Westmead health, education and research precinct.
Carolyn Cummins is Commercial Property Editor for The Sydney Morning Herald.
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