Under the hammer and over reserve – commercial auction underpins confidence in Sydney's Northern Beaches

Under the hammer and over reserve – commercial auction underpins confidence in Sydney's Northern Beaches
Under the hammer and over reserve – commercial auction underpins confidence in Sydney's Northern Beaches

A recent commercial auction by Raine & Horne in Sydney's Dee Why drew strong interest, with properties selling above the reserve price.

A former Mitre 10 showroom in North Manly sold above the reserve for $3.93 million at the in-rooms auction.

The freestanding warehouse at 390-392 Pittwater Road, North Manly was sold under the hammer to a local business owner. 

The warehouse and showroom have an area of 722 square metres, as well as an additional mezzanine of 307 sqm.

Its exposure to busy Pittwater Road was a big attraction to the owner-occupiers and investors who lined up to bid for it at the auction.

A fully-tenanted, 840 square metre GLA freehold retail building at 20 Howard Avenue in Dee Why was the top draw, (above) selling for $8 million, well above the vendor’s reserve.

“This is a stunning result that illustrates the enthusiasm for doing business in Dee Why,” said selling agent Vincent West of Raine & Horne Commercial Northern Beaches.

The property was snapped up by a private investor, who noted the income potential from the five long-term tenants, added West. 

The Dee Why commercial precinct is undergoing a facelift, with more momentum coming from the introduction of the Town Centre Master Plan.

“This landmark building is within a growing retail and commercial precinct, which will continue to benefit from the Dee Why’s transformation, and its close proximity to high profile residential developments, beautiful beaches and public transport,” said West.

A boutique warehouse at 2/11 Green Street, Brookvale, was also auctioned off for $651,000 to Nine Yards Coffee, an operation involved in coffee roasting.

The 158 square metre warehouse includes 65 sqm of office space, 30 sqm mezzanine, and two car spaces.

"It fronts busy Green Street just up from Warringah Mall,” said West.

Tags: 
Commercial Sale Retail Market

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