Spectacular results for Gunning auctions

Spectacular results for Gunning auctions
Spectacular results for Gunning auctions

Two recent retail properties went under the hammer recently with strong results, with both selling above the reserve price to local investors.

A property at 264 Kingsgrove Road, Kingsgrove, (above) which is leased by House Essentials, sold for $3,541,000, while 437-441 King Georges Road, Beverly Hills leased by Eat GRK sold for $3,705,000. 

Gunning Real Estate principal Malcolm Gunning, who was the selling agent, said there were nearly 200 enquiries with 90 contracts issued.

“The properties were both in a well established residential prescient and priced between $2 million and $3 million," he said.

“We are seeing an increase in interest from the more traditional suburban commercial investors, because the banks have loosened up the lending on retail, industrial and commercial property and the very low interest for cash terms deposits.

“A 3-4 percent net yield is much better than the 2 percent you will get from the bank. A retail investment of $2 million to $3 million for a property within 20 km of Sydney is not a lot of money for these types of investors who are looking for a standalone property." 

Tags: 
Commercial Sales Retail Market

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