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Two Sydney residential lots sell for $5.8 million

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A total of 929 square metres in Sydney's Inner West was sold for $5.8 million to a local property developer. 

Restwell Investment Pty Ltd  purchased the the two adjacent properties located on Gordon Street, around 12 kilometres from the CBD. There are tenants in both properties at the moment. 

According to global real estate agents Knight Frank, the suburb of Burwood, where the properties are located, has a solid local economy and an impressive transport infrastructure - presenting an excellent property development opportunity

Knight Frank's Associate Director - Asian Markets Andy Hu explained that Restwell Investment Pty Ltd have indicated the residential lot will be used to develop a boutique apartment block containing 15 two bedroom units. 

The current rent for the single level building at 27 Gordon Street is $600 per week. It has a land area of around 467 square metres. Offsite parking is also available for the five bedroom house.

The property at 29 Gordon Street, which has a land area of around 462 square metre, is rented out for $700 per week. The single level brick house has six 6 bedrooms.

Mr Hu, who facilitated the sale with Raymond Hung from Raymond Hung Real Estate, said the property received unprecedented interest.  

"We received a wide range of interest from local and offshore developers. Strong competition in the auction room secured a good price, well above the vendor's expectation" he added.

Mr Hung added Burwood is an attractive suburb because of several reasons, it is also close to at least three reputable schools. 

"It is conveniently located within walking distance to the main shopping and restaurant precinct on Burwood road, Burwood Park and Westfield Burwood Shopping Centre" he commented.

Date Published: 08 Jun 2015
Category: General News

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