THE Western Sydney suburb of Auburn has continued to prosper with a private Asian investor purchasing a prized former Aldi site for $21.08 million at 6-10 Harrow Road after a successful expressions of interest campaign.
The property, which is set on 3,889sqm* of land, is zoned B4 Mixed-Use and has an FSR of 5:1. The height is also proposed to increase from 38 to 55 metres. Aldi ceased to trade on the site on 25 November this year.
Aldi had since finished a fit-out at their new home that was now open for trade just down the road in the booming Auburn Central.
The asset was marketed and sold by Ray White Commercial Western Sydney Managing Director Peter Vines and Directors Victor Sheu and Joseph Assaf.
“Auburn is becoming a real hive of activity in recent times and this deal – along with the recent $129.5 million sale of Auburn Central shopping centre – tells us that the suburb is becoming a real attraction for the investor and developer market,” Mr Vines said.
“The fundamentals for commercial property have never been better – with low interest rates and government incentives really stimulating the market.
“Being on the doorstep of booming Parramatta is also having a real effect as buyers look to be closer to the ‘second Sydney’.”
“We anticipated extremely strong demand for the asset given its close proximity to Parramatta CBD and the lack of stock available on the market for developers,” Mr Assaf said.
“The campaign certainly lived up to expectations with substantial interest coming from investors, owner-occupiers, and developers – a testament to what was on offer.”
“The purchaser is a private Asian investor who plans on holding the asset for five to ten years and redeveloping the property later down the track,” Mr Sheu said.
“The asset is incredibly well located on a prime corner site in the heart of Auburn town centre and is only 450* metres to Auburn train station – offering great public transport links.”