- Freehold adult entertainment venue hits the market
- Three other industrial properties sold for just under $10M
- Two sold for at least 10% over reserve price
Several Sydney sites have sung a swan song for sellers as small sites sell for well above the reserve price.
CBRE recently announced three small-lot auctions that totalled nearly $10 million, with sites selling for some 10% to 20% over reserve.
Almost an hour west of the CBD, 13 Vangeli Street in Arndell Park was purchased by Musdev Pty Ltd for $2,940,000. CBRE said the 1,513 square metre site sold $290,000 over the reserve price, with six registered bidders and 19 bids made throughout the auction.
The Arndell Park site is zoned IN1 General Industrial, offers 30.5 metres of frontage to Vangeli Street, includes a fully serviced hardstand and is securely fenced at the boundary.
The site, which has been leased monthly to a leading car and truck manufacturer for the past two years, is suitable for use as a storage yard subject to the relevant planning approvals.
The second property left the hands of Blacktown City Council for $3,480,000, with seven registered bidders pushing the sale price $780,000 over the reserve price.
Located at 130 Glendenning Road, Glendenning, the 2,518 square metre site is one of the last remaining vacant industrial land parcels in the area.
The site is zoned IN2 Light Industrial, allowing for a wide range of uses. It offers 47 metres of frontage to Glendenning Road, is fully serviced and securely fenced.
The third property to be sold was 9 Bonz Place in Seven Hills. Now previously owned by Rominoff Pty Ltd, the 1,051 square metre property was sold pre-auction for $3,250,000.
The fully serviced site is zoned IN1 General Industrial and is currently suitable for use as a storage yard, subject to the relevant planning approval. It also offers a complying development certificate (CDC) for a 1,051sqm freestanding industrial building.
Finally, Savills recently announced a salacious offer hit the market in Pymble, 105 Grandview Street is a 218 square metre freehold that is currently tenanted by a well-established adult entertainment business.
The two storey building includes seven private rooms with amenities, reception area, kithcen, laundry room and waiting areas for staff and clients.
The property is also tenanted until 2033 and benefits from prime street frontage, significant pedestrian exposure, and dual street access.
The property is up for auction on Thursday 9 June.