Eastwood apartment development site sold for $19.25 million
A mixed-use Eastwood site with development potential in Sydney’s north-west has sold under the online auction hammer for $19,250,000.
The buyer of 42-50 Rowe Street was a local private Asian investor.
It was the first time in 30 years that the 1,467 sqm site had been offered.
The warehouse and showroom came development potential.
The campaign was run by Ray White Commercial.
The site was zoned 4B Mixed Use with a 15.5m height limit.
Bidding started at $13 million.
“It was an incredibly successful campaign, with over 185 enquiries, more than 30 individual inspections and 14 registered bidders logging in online on the day to compete with 77 bids,” Peter Vines said.
Agent Victor Sheu, who has had a number of successful recent auctions in Eastwood said that these types of assets perform very strongly, and are usually held for generations.
“These assets are fiercely contested by many local Chinese and Korean owners,” he said.
“Eastwood is a genuinely unique market as it attracts a range of buyers that have an emotional attachment to the area.”