Sydney's 83.3% auction clearance rate as Tibetan monks buy former Four Square Gospel church in Newtown
A former Newtown, Sydney church which hit the market with $2.25 million plus hopes sold at auction today for $2.55 million.
Tibetan Buddhist meditation monks were the buyers with plans for a temple.
Sydney's overall auction result sat at 83.3%, compared to the adjusted 80.2% last week and 69% on the same Saturday last year, according to APM.
The 158 Australia Street offering sold at auction with five registered bidders through BresicWhitney Glebe agent Chris Nunn who suggested it was also suitable for a single residential conversion or a multi-unit development or subdivision.
It comes with direct access to one of inner Sydney's popular parklands, the Camperdown Memorial Rest Park from its 256sqm residential zoned holding.
Behind its striking brick facade, it retains original industrial warehouse elements.
It was the former church of the Four Square Gospel. The property was listed by investor Theo Onisforou who paid $1.9 million, plus gst, in February this year.
Last month investment banker Alastair Walton bought a Leichhardt warehouse paying $1.55 million for the former sign warehouse property, at 26 Mackenzie Street.
BresicWhitney recently sold another warehouse – with a heart-shaped swimming pool – in Davies Street, Surry Hills for $7.55 million, a suburb record.