99 Burwood Road has sold for the first time in 35 years reaching a record-breaking price.
CI Australia sold the HCF retail freehold on Burwood Road in Burwood in a frenzied auction which has broken the sales record. The previous record of $29,236/sqm of land set in 2017, was surpassed with 99 Burwood Road transacting at $32,093/sqm.
The site, which comprises a 170.3sqm freehold shop, with a 5.9m frontage to Burwood Road, is situated along Burwood’s golden mile. Over the last 5 years, only 7 freehold retail freeholds have transacted on Burwood Road.
The property is located in a prime part of Burwood and has seen a large amount of high-density residential projects under construction with a number in planning stages and brings significant development potential with a B4 Mixed Use Zoning, a 70m height limit and 6:1 FSR.
CI Australia’s sales executive, Nick Lowry, said the property’s location in one of Sydney’s prime growth areas and significant development potential attracted a number of offshore investors who flew in from Hong Kong, Singapore and China to attend the Auction. He said this is unsurprising given the volatility globally and especially in Asia.
“The marketing campaign was extremely successful with over 450 enquiries and 76 contracts sent out. Buyer demand is as strong as we’ve seen it and with a lack of supply on the market, vendors are taking advantage of the current conditions.”
17 parties attended the auction with the property selling under the hammer for $6,900,000.00 + GST equating to a 2.46% yield.