Parramatta Road, Haberfield development site sold for $13 million
Almost 500 people turned out to bid on a redevelopment site in Sydney's Haberfield that eventually sold at auction for just over $13 million.
The former motel sits 2000 sqm of land at 169-173 Parramatta Road, Haberfield and was sold to a private investment company.
Ray White Commercial Inner West Principal Tim Morrison said the auction lasted for more than an hour with 461 separate bids as three buyers battled hard.
“A final bid of $1,000 was enough to win an intense struggle with the final price of $13,003,000 well above reserve,” he 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.
“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.”
