Parramatta commercial investment sells for $8.5 million at auction
A freestanding commercial investment with development upside has sold for $8,500,000 under the hammer at 2-4 Palmer Street in Parramatta.
The property, that came with a 685sqm building area and 600sqm land area, was sold at auction on a 2.9 per cent yield.
The asset was marketed and sold by Ray White agents Samuel Hadgelias and Jeff Moxham, in conjunction with Anthony Khoury and Jon Race of Khoury Partners.
“Freehold commercial opportunities with upside are a rare commodity in the Parramatta CBD and that’s why this asset attracted seven registered bidders,” Mr Moxham said.
“The sale being in excess of the reserve price is further evidence the commercial market remains strong despite the negative speculation regarding Australian property markets in the wake of rising cases of COVID-19,” Mr Hadgelias said.
“The low yield is consistent with other freehold buildings that have traded nearby and evidences the continued strong demand for 'value add' assets with future development potential,” Mr Khoury said.
