Haberfield Site Sold at Epic Auction for $13.003 Million
A freehold building on a landmark site with redevelopment potential (STCA) in the inner west Sydney suburb of Haberfield has been sold at an epic auction with almost 500 bids by Ray White Commercial for just over $13 million.
The former motel site on a land area of 2000 sqm at 169-173 Parramatta Road, Haberfield, was sold under the hammer to a private investment company by Ray White Commercial Inner West Principal Tim Morrison on behalf of a private owner.
Tim Morrison said the auction at the Ray White Commercial auction event in the Sydney CBD attracted enormous interest with a big crowd on hand and six bidders.
“The auction conducted by Jason Andrew lasted for more than an hour with 461 separate bids as three buyers battled hard to secure this landmark property,” he said.
“A final bid of $1,000 was enough to win an intense struggle with the final price of $13,003,000 well above reserve.”
Tim Morrison said the site has an approval in place for an aged care facility and offers an outstanding opportunity to re-use or redevelop (STCA).
“This site is strategically located approximately 6.5km from the Sydney CBD with easy access to surrounding arterials including Victoria Road and The City West Link,” he said.
“There is approximately 30m of frontage to Parramatta Rd and the building offers a total area of approximately 2400 sqm over three levels.
“There is basement and onsite parking so the building offered plenty for an owner-occupier, and, alternatively, its size and prominent position attracted strong interest from motel and other accommodation providers.”