A tenanted retail asset at 159 Rowe Street in Eastwood, offered to the market for the first in more than 40 years, has sold to a private Asian investor for $7.25 million.

Such was the interest in the property, that the street was filled by a crowd of 150 with 50 bidders competing for the asset.

The property, which came with a 340 square metre building area and 303.5 square metre land area, offered dual street frontages onto Hillview Lane and Rowe Street in the tightly held precinct in Eastwood.
 
The final sale price – achieved after just 15 frantic minutes – translates to a land rate of $23,888 per square metre and $24,576 per square metre of ground floor lettable area.

At a glance:

• Tenanted retail asset at 159 Rowe Street in Eastwood sold to private Asian investor for $7.25 million
• The final sale price translates to a land rate of $23,888 per square metre and $24,576 per square metre of ground floor lettable area.
• The sale of the asset in such a tightly held area attracts enormous interest and draws bidders from around Australia and overseas

The asset was marketed and sold by Ray White Commercial NSW – Western Sydney Associate Director Victor Sheu, Director Joseph Assaf and Managing Director Peter Vines.

Mr Sheu said the response throughout the campaign had been incredible with more than 200 enquiries from various avenues.
 
“This is the first time this family-held property had been offered to the market in over 40 years and we issued more than 60 contracts before auction day,” said Sheu, the Western Sydney Asian market specialist.

“It’s no exaggeration to say the street was absolutely packed, and in the crowd of more than 150 there were around 50 bidders wanting to compete.

“The bidders were predominantly Asian investors and local business operators, with two of the potential buyers flying in from overseas to attend the auction.
 
“Eastwood is surrounded by affluent suburbs that have attracted a high volume of Asian migrants seeking comfort and convenience, and like Chatswood and Burwood, has been an extremely tightly-held market.
 
“The property was on the western side of the station and this area has always attracted Asian investors, particularly of Chinese background and its strategic positioning in the heart of Rowe Street also attracted considerable attention.”
 
Mr Vines said the Eastwood retail market had been relatively immune to the slowdown of retail, and had kept growing over recent years.

“The Council has committed to redeveloping the council car park to cater for the growing population and demographic,” Vines said.
 
“The asset has had its current tenants since the early 90s, with other businesses hungry for space in Eastwood, there seems to be anticipation the rent could be increased with some work done to the property.
 
“Incredibly, bidding started at $3,477,000 and more than doubled to its final sale price of $7,250,000, such was the interest in this opportunity.”

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