Hotel developer wins keys to major Auburn site
The future of a large industrial site at Auburn will be revealed in the coming months, after a Sydney hotel developer bought the property at auction.
The private developer paid $4.2 million for the warehouse and showroom facility at 211-217 Parramatta Rd, within a major bulky goods precinct.
The 2074sqm site is surrounded by major brands including Costco, Harvey Norman, Bunnings Warehouse, Fantastic Furniture, Adidas and Nike, and currently comprises a 1000sqm building with a ground floor showroom area, clear span warehousing, roller door access and two street frontages.
It was the first time the property had been offered to the market in 20 years, with 62 enquiries, 28 inspections and 15 registered bidders on auction day.
CBRE’s Robert Dowdy, who marketed the asset with Alex Mirzaian, says in the current climate investors and developers are still on the lookout for opportunities.
“The strong result highlights that buyers are still ready and willing to buy good opportunities under auction conditions despite the COVID-19 pandemic,” Dowdy says.
“The corner property is close to amenity and within 5km of the Parramatta CBD. While it includes an existing, freestanding building, it is suitable for a variety of future uses.”
The warehouse sits within one of Sydney’s busiest commercial enterprise hubs and has more than 22,000 cars pass daily.
It also offers significant exposure to Parramatta Rd and has B6 Enterprise corridor zoning.