Autumn commercial property auction nets 60 percent clearance rate

Autumn commercial property auction nets 60 percent clearance rate
Autumn commercial property auction nets 60 percent clearance rate

Ray White Commercial NSW has achieved a 60 percent percent clearance rate with total sales of more than $11.3 million at their first in-house auction event of the autumn selling season.

Ray White Commercial NSW boss Jeff Moxham said three of the five properties sold under the hammer and a fourth with terms agreed shortly after the auction.

A DA approved residential development site at 258-264 Pennant Hills Road, Thornleigh, (above) marketed by Michael Ajaka and Samuel Hadgelias was sold for $9.5 million under instructions from Bradley Tonks and John Vouris of PKF as Joint and Several Liquidators

Mr Ajaka said the approximately 1,510 sqm site approved for 73 residential apartments as well as five retail outlets was purchased by a Parramatta-based developer.

A free standing commercial building on a 889 sqm block at 10 East Market Street, Richmond, (below) was sold to a private investor who plans to develop the site by Jeff Moxham and Samuel Hadgelias for $1.3 million on behalf of Legacy NSW.

Autumn commercial property auction nets 60 percent clearance rate

 A 63 sqm ground floor commercial office investment at 3/4 Charles Street, Parramatta, (below) was sold by Joseph Assaf for $620,000, which represented a sharp 3.6 per cent yield.

Terms have also been agreed on a Metro Petroleum service station and convenience store leased until 2023 with two five year options at 69 Davies Road, Padstow.

Autumn commercial property auction nets 60 percent clearance rate

Mr Moxham said he was looking forward to a strong year with various sectors of the commercial markets showing positive signs, "in particular investment stock, yields continuing to compress with a wide demographic of investors chasing better returns than the low returns banks are able to currently able to offer.”

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Ray White Thornleigh

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