A PREMIUM freehold mixed-use opportunity has smashed its auction reserve by a whopping $340,000 as 11 Frederick Street sold under the hammer for $1,515,000.
The 107sq m* asset on 123sq m* of land was being offered to the market for the first time in 40 years* and went to auction with vacant possession.
The property was marketed and sold by Ray White Commercial Greater South Sydney Director Brad Lord.
“The campaign was incredibly active with more than 155 enquiries throughout and that led to us handing out 50 contracts for what was a wonderful opportunity,” Mr Lord said.
“Five of the eight registered bidders actively competed on the night and it was the competition between these buyers that drove the price well beyond its reserve price.
“It was an old 1920’s shop with residence above that needed work and it was sold to an owner-occupier, but they were pushed by an investor all the way through the campaign.
“The light-filled retail shop on the ground floor has great exposure to the ever-present foot traffic and is in a premium high street location in the heart of Oatley.
“Oatley lies 23km* southwest of the Sydney CBD and while the suburb is away from major arterial roads, they are easily accessible by King Georges Road, which also leads south through Sutherland Shire and the Royal National Park.
“Oatley is well served for amenities, with a shopping precinct, a number of schools, and easy access to the river.”