A FREESTANDING commercial investment with development upside has sold for $8,500,000 under the hammer at 2-4 Palmer Street in Parramatta.
The property, that came with a 685sq m* building area and 600sq m* land area, was sold at auction on a 2.9 per cent yield.
The asset was marketed and sold by Ray White Commercial Metropolitan Sydney Director Samuel Hadgelias and Principal Jeff Moxham, in conjunction with Anthony Khoury and Jon Race of Khoury Partners.
“Freehold commercial opportunities with upside are a rare commodity in the Parramatta CBD and that’s why this asset attracted seven registered bidders,” Mr Moxham said.
“The sale being in excess of the reserve price is further evidence the commercial market remains strong despite the negative speculation regarding Australian property markets in the wake of rising cases of COVID-19,” Mr Hadgelias said.
“The low yield is consistent with other freehold buildings that have traded nearby and evidences the continued strong demand for ‘value add’ assets with future development potential,” Mr Khoury said.
“We’re continuing to see strong interest across most asset classes with investors either chasing security of income flows or ‘upside’ in terms of future development of the asset,” Mr Race said.