A unit block in Crows Nest has sold under the hammer for $4.3million - $500,000 above the reserve price - following an impressive campaign which fielded 455 enquiries, 104 inspections and 72 contract requests.
After a competitive bidding process, with 13 registered parties, the property at 50 Falcon Street sold to a local buyer on a yield of 2.6%.
The building comprises four, two-bedroom apartments, each with an accompanying study, laundry, and provides four onsite car spaces with rear lane access. The total land size is approximately 518sqm.
CBRE’s Jason Lowry and Nick Heaton were exclusively appointed to market the property on behalf of the local owner, with Mr Lowry noting the property’s location and potential were key drivers of market interest.
“The market responded exceptionally well to this opportunity. 50 Falcon Street resides in an established residential market, surrounded by plenty of new infrastructure and development,” Mr Lowry said.
“Its location coupled with the opportunity to strata and sell down, and the strong positive rental opportunity available from its short-term leases, meant many investors recognised the strong capital growth potential.”
The building is surrounded by quality amenity including Crows Nest’s commercial precinct, a brand-new Woolworth’s supermarket and development, and St Leonards railway station.
The property will also benefit from the future Crows Nest metro station, which will be situated within 600 metres of the site.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.