Sydney's Kingsgrove property sells for $3.25 million at auction

Sydney's Kingsgrove property sells for $3.25 million at auction
Sydney's Kingsgrove property sells for $3.25 million at auction

A freestanding property in southern Sydney's Kingsgrove occupied by the Salvation Army went under the hammer for $3.25 million at auctionWorks' commercial property auction in Sydney on April 19.

The order of sale had four properties listed, but one was sold prior while the world class winery Sweetwater in the rolling hills of the Hunter Valley was withdrawn. The fourth was passed.

The one at 61-65 Kingsway Road property was well bid, with offers quickly rising from $1 million to $2.6 million, but auctioneer Jesse Davidson said it was still below the reserve price.

Finally, the last two bidders pushed the price past $3 million.

The selling agents were JLL's Edward Washer and Blair Peterken.

The total building area is 678.1 sqm and the flexible zoning allows for a child care centre, commercial owner occupiers, medical centres and more subject to council approval.

The property is close to Beverly Hills Train Station and 14 km from Sydney CBD.

In contrast to the competitive bidding for the Kingsgrove property, the one in Liverpool was passed after the sole bid of $375,000 fell short of the vendor bid of $395,000.

Suite 107, 161 Bigge Street is a medical suite with an internal space of 104 sqm and annual income of $33,119.52 + GST net. It is leased until October this year.

Tags: 
Auction Commercial Sale

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