A PRIVATE investor has fought off strong competition at auction as a secure investment with upside sold for $4,750,000 under the hammer at 39-47 Station Road, Engadine, NSW.
The property, which came with a 1,087sq m* land area, had been in the same family for more than 40 years and drew competitive bidding on the day.
The asset was marketed and sold at auction by Ray White Commercial Metropolitan Sydney Director Samuel Hadgelias – in conjunction with Con Economos of Ray White Rockdale.
“The campaign for this property generated a huge amount of interest with over 90 enquiries and seven potential bidders in attendance on auction day,” Mr Hadgelias said.
“The asset is home to three long-term tenants including national anchor tenant PETstock, an orthodontist, and the established Raya Thai restaurant who have been in possession for over 30 years.
“This is yet another example of how strong the investment market is right now – particularly appealing was the potential for significant development in the future.
“Surrounded by an array of major retailers and only a short walk from the Engadine train station, the property offered an opportunity too good to pass up on.
“It’s also a testament to the collaboration between Ray White offices as Con Economos from Rockdale played a big role in bringing the listing to market through a long-standing client relationship with the vendors.”