Darlinghurst building sells for $13.75m moments before auction

By Rebecca Holland

A Darlinghurst building has been snapped up minutes before it was due to go under the hammer at Ray White Commercial‘s quarterly Sydney auction event today.

The whole building at 256 Crown Street had been on the market for more than a year — with another agency for nine months, then as an open listing — before agents Justin Rose and Kristian Morris took it over in January.

The Ray White Commercial NSW — Sydney City Fringe duo launched their four-week marketing campaign in February.

Introducing the property, which was the final listing on the schedule of five, auctioneer Jason Andrew asked the crowd to stand by because negotiations outside the room were close to reaching a conclusion.

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A short time later, Mr Rose and Mr Morris entered the room to announce the property had sold moments before for $13.75 million.

Mr Rose said after the auction that the local buyer had been an interested party for only 48 hours before the sale.

“We showed them through on Monday morning and sold it to them on Wednesday morning,” he says.

“It was an excellent result and it was achieved because we didn’t try to beat up the price. We just did the best we could for the owner.”

In other Ray White Commercial auction results, a development site with approval for 48 apartments at 69-71 Hills Street, Gosford, sold for $1.8 million.

A freestanding warehouse at 709-711 Parramatta Road, Leichhardt, remains under negotiation after being passed in at $4.35 million.

Two bidders had vied for the property, starting with an opening bid of $4 million. The auction was paused after bidding stalled, with no further bids received after it resumed.

The former office and creative space of renowned Australian fashion label Wheels & Dollbaby at 1/336-338 Crown Street, Surry Hills, was passed in after a single vendor bid of $750,000. Post-auction negotiation activity for the property was expected to be strong, according to the agents.

A showroom in Caringbah notched up the most bids of the day, between two prospective buyers.

The bidder who made the opening offer of $3 million for the 1-4, 17-23 Captain Cook Drive eventually sealed with deal with a winning bid of $4.25 million.

He exchanged 16 bids with one rival, who withdrew after placing a bid of $4,225,000. The property was declared to be on the market at the $4.15 million mark.

Ray White Commercial NSW managing director Jeff Moxham says: “The clearance rate of 60 per cent was a strong result and yet again showed how auction is an excellent method of sale for both vendor and purchaser, both walking away with a result.”

Auctions in Sydney and Perth yesterday were the first in Ray White Commercial’s inaugural quarterly auction event.

A third auction in Brisbane on Friday will round out the series.

Ray White Commercial auctions can be viewed live on iOS and Android devices with the Gavl app.

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