Eastwood Sydney site sold for over $3 million

A 635 sqm site in the Sydney suburb of Eastwood has sold at auction through Ray White Commercial for just over $3 million. 

The property, 22 East Parade, Eastwood, was sold to a private Chinese investor on behalf of a charitable organisation for a yield of 2.0 percent. 

Jeff Moxham of Ray White Commercial said the property received more than 75 enquiries, almost 40 in the first week.

“More than 20 contracts were issued prior to the in-room auction with an estimated 10 purchasers attending to bid,” he said. 

“The bidding competition was strong for this investment with the purchasers holding a long term view for the property. The property benefits from 11 on-site parking spaces and a flexible existing floor plan.”