A commercial freehold redevelopment site at Cabarita Beach in NSW has been sold under the hammer to an interstate investor for $655,000.

Ray White Commercial GC South agents Greg Watson and Tara Imlach listed the 446 square metre property in September for the executors of the will for a deceased estate. 

At a glance:

• A commercial freehold redevelopment site at 86 Hastings Road, Bogangar (Cabarita Beach) NSW has been sold for $655,000 at auction, reflecting a rate of $1,468 per square metre.
• The site received 45 enquiries, with four registered bidders at the auction on November 7.
• Ray White Commercial GC South agents Greg Watson and Tara Imlach listed the property in September 2019 for the executors of the will for a deceased estate. 

Mr Watson said the eventual buyer had initially enquired about the property in May.

"The client was added to our database and informed as soon as the price was removed and the property was re-listed for auction later this year," he said.

 The property at 86 Hastings Road is a single-level commercial building split in to three retail tenancies with a NLA of 182 square metres (100 per cent leased) with the possibility of a mixed-use development (STCA) of up to 3 stories.

Mr Watson said the tightly held site, which is situated on the rear boundary of the Woolworths Shopping Centre on the main strip in Cabarita, achieved a "flood of enquiries", resulting in several offers.

Of the 45 enquiries, three offers were made, with four registered bidders at the November 7 auction.

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