Almost 500 bids at epic Sydney motel auction

It took almost 500 bids for a buyer to secure a former motel site with redevelopment potential at a marathon auction in Sydney’s inner west.

Six bidders slugged it out for more than an hour in an attempt to get their hands on the Haberfield property, with a private investment company eventually paying $13.003 million for it.

The auction, conducted by Ray White Commercial Inner West, saw 461 bids put forward at a rate of more than seven bids a minute, until a final $1000 bid was enough to knock out the rest of the competition.

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The 2000sqm site at 169-173 Parramatta Rd is still home to the motel building but was spruiked as being ripe for redevelopment.

Ray White agent Tim Morrison says the six potential buyers were quickly whittled down to three.

“The auction conducted by Jason Andrew lasted for more than an hour with 461 separate bids as three buyers battled hard to secure this landmark property,” he says.

The motel site is positioned in a prime location in Sydney’s inner west.

“A final bid of $1,000 was enough to win an intense struggle with the final price of $13.003 million well above reserve.”

The site has approvals in place for an aged care facility, while Morrison says it could also be reborn as a new motel.

“This site is strategically located approximately 6.5km from the Sydney CBD with easy access to surrounding arterials including Victoria Rd and the City West Link,” he says.

“There is approximately 30m of frontage to Parramatta Rd and the building offers a total area of approximately 2400sqm over three levels.”

“There is basement and onsite parking so the building offered plenty for an owner-occupier and, alternatively, its size and prominent position attracted strong interest from motel and other accommodation providers.”