13 April, 2011

Campsie shopfront delivers big at inaugural Raine & Horne Commercial multi-property auction

A single storey retail premises at 319-321 Beamish Street, Campsie, was the star performer at Raine & Horne Commercial’s first ever Under the Hammer Auction Day, held at the City Auction Rooms on Tuesday 12 April.

The property, which includes three tenancies on a 676 square metre site, sold for $2.65 million, a price well above vendor expectations, and proved a popular pick among the more than 100 interested parties who attended the auction.

Successful agent Luke Smith, director Raine & Horne Commercial Marrickville, said the sale of 319-321 Beamish Street illustrated the health of Sydney’s commercial markets.

“We received close to 70 enquiries for this property over the five week campaign, and on the day there were about 10 interested buyers in the room," Mr Smith said.

“The huge development upside offered by this premises, which is a single level property surrounded by two and three level developments, makes it easy to understand why it was so highly sought-after,” he said.

The tightly-held nature of the Beamish Street shopping strip, and the property’s proximity to public transport and council parking, also contributed to the strong interest.

Mr Smith said that Raine & Horne Commercial Marrickville achieved a further win with the successful auction of the shop and residence at 97 Parramatta Road, Annandale.

“This property represents good value, and was a great buy for $565,000. With four or five parties interested, it was no surprise that it sold,” he said.

Raine & Horne Commercial BRI also sold the 36-place childcare centre at 31 Sutton Street, Blacktown, for $955,000, with investors jumping at the chance to get their hands on the commercial premises, which includes a detached four bedroom home on-site.

Auctioneer David Scholes, from independent auction specialist auctionWorks, said the results were not unexpected.

“The clearance rates for Sydney’s commercial, industrial and retail properties have been outstripping those of residential markets over the last three months,” Mr Scholes said.

Angus Raine, CEO Raine & Horne Commercial said that the sales were a testament to the strength of Raine & Horne Commercial brand.

"With two further properties under negotiation following the auction day, I would like to extend my congratulations to all involved,” Mr Raine said.

For all your property needs contact Raine & Horne Commercial on (02) 9258 5400.

Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

-ENDS-

For further media information contact:

• Luke Smith, Raine & Horne Marrickville on (02) 9560 7599 or 0416 281 577
• Angus Raine, CEO Raine & Horne on (02) 9258 5422 or 0409 920 697
• Anna Truman, National Marketing & Communications Co-ordinator on (02) 9258 5448