Castle Hill shop nets more than $4 million at auction

Castle Hill shop nets more than $4 million at auction
Castle Hill shop nets more than $4 million at auction

A tenanted property in the heart of Sydney’s Castle Hill has sold at auction for $$4.125 million, a record price, according to the selling agents.

The shop at 285 Old Northern Road, Castle Hill, NSW 2154 is directly opposite Castle Towers Shopping Centre. 

The freestanding two-level building has a floor area of 208 metres. 

It is leased to long-standing tenant MG’s Hair and Beauty, a popular brand in the Hills District.

The property was snapped up by a mystery bidder from Melbourne, according to the Daily Telegraph.

The auction started with bids from $2 million and soon bidders upped the stakes till it was finally settled for $4.125 million.

The sale price was well above expectations, according to selling agent Simon Russo of First National.

“The price is more than we expected and I am just as delighted as the sellers,” he was cited by the Daily Telegraph as saying.

The site was sold by Cheung Kwong Enterprise which bought it from St George Building Scty Ltd for $850,000 in 1998, according to RP Data.

Tags: 
Commercial Auction Castle Hill

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