Damien Cooley has kick started the 2017 commercial real estate season with a 100% clearance rate in our Cooley CBD rooms last Thursday. In a single day of sales more than $14.5 million worth of property was sold
The historic Lion Rampant Hotel in Mittagong fetched $4.055 million, a huge 25% above the set reserve. On the market for the first time in 40 years, the pub was listed by Manenti Quinlan & Associates.
A luxury office space at 8/211 Ben Boyd Rd in Neutral Bay also sold on the day for 21% above the reserve for $880,000 after attracting competition from ten bidders. The 155sq m property with parking had been marketed by Doran Commericial.
Also up for auction was a refurbished three-level retail and residential site at 416 King St, Newtown. Most recently operating as the trendy Bloodwood fine dining restaurant, the property sold through Kellys Property at $352,000 over the reserve for $2.552 million.
Also in the mix was a 5210sq m commercial property at 129-141 Woodpark Rd in Smithfield which was snapped up prior to Wednesday’s scheduled auction for $5.3 million and a freestanding warehouse on 383sq m at 1253 Botany Rd in Mascot which sold for $1.76 million.
With such a bumper beginning to the commercial real estate calendar, Damien says it’s a great sign for the year ahead.
“These results reflect the strength of the market because they represent a good cross section. We had a hotel, strata office suite, retail investment and commercial property.”
The successful first day on the auction block for the year follows up a strong 2016. Late last year Damien sold the former Bates Milk Bar site, a corner residential and retail spot at 124 Campbell Pde in Bondi Beach for $19.12 million and the Tennyson Hotel at 952 Botany Rd in Mascot to Sydney pub baron Justin Hemmes for $37.05 million.
We hold auctions in our Cooley CBD rooms every Thursday morning at 10:30am.