RAY WHITE Commercial NSW – Sydney City Fringe Principal Kristian Morris and Sales Associate Lachlan Palm were blown away by the auction of this rambling warehouse in Leichhardt that was snapped up by a local boutique developer.
The prime 875sq m* site at 124 James Street was in an elevated location and offered immediate access to City West Link, light rail and the Sydney CBD, and sold under the hammer for $3.335M.
The Glebe-based inner-city specialists at Ray White Commercial NSW – Sydney City Fringe ran a textbook auction campaign and attracted 11 registered bidders, with six active at auction.
Principal Kristian Morris and Sales Associate Lachlan Palm issued 43 contracts on the property before its auction date, after receiving some 175 enquiries.
The vendors paid $500,000 for the building back in June 1998 and had owned it for 21 years.
“The property sold for $3.335M which was above the reserve price. Competitive bidding opened at $2.7M. The owners are very happy,” Mr Morris said.
“The property was bought by a local boutique developer. It’s a great result, considering it was on the market with another agent for nine months.
“It’s a testament to the auction strategy, supported by a well-executed marketing campaign and editorial support.”