Parking spot sell off nets astonishing $3.65 million

Jonathan Chancellor

First published 02 September 2025, 6:00am

A Sydney carparking spot has just scored one lucky seller a jawdropping $3.65m, underscoring some of the huge prices paid for property in the Harbour City.

The Cheng family has emerged as the $3.65m buyer of the recent offering of six car spaces at Phillip St, Sydney.

The spaces, under the 29-storey The Quay tower, total 85sq m.

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The Cheng family has bought six Sydney car spaces in Phillip Street for $3.65m – or $608,000 for each space.

The sale worked out at a rate a square metre of $42,940, or $608,000 for each space.

They were offered in one line – and on one lot – by the nearby Royal Automobile Club of Australia (RACA).

The sale followed the organisation’s recent cash crisis amid a leadership battle at the 120-year-old club on Macquarie St.

The RACA has also considered selling off its heritage floor space.

Jefferson Cheng, co-owner of the Western Sydney Wanderers. Picture: Instagram

The Cheng family, headed by Filipino businessman and the A-League’s Western Sydney Wanderers co-owner Jefferson Cheng, and his wife Aileen own apartments in the nearby Opera Residences at Circular Quay that cost $57m.

The car spaces were bought by Aileen and her children, Jamie and Justin.

Some of Sydney’s highest car space sales have been in The Chimes complex at Potts Point, including a rumoured $700,000-plus for a 26sq m space paid by Tim Price’s Time & Place.

The developer has bought all 27 car spaces, plus 80 studio apartments, in the 1964 Macleay St block, with plans for a luxury redevelopment.