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News release

Sydney

Burwood property sells under the hammer for $4.29 million at a highly competitive auction in Sydney


SYDNEY, 12 September 2013 – A Sydney commercial property located at 34 Belmore Street, Burwood sold under the hammer to a private investor at a highly competitive auction in Sydney on Tuesday 10 September for $4.29 million from Insurance Australia Group Ltd.

The sale was handled by Jones Lang LaSalle’s Directors of Sales and Investments Jeff Moxham and Leslie Cheng and Gail Marshall and Sam Hill of John Hill & Co.

Mr Moxham said the result was over and above expectations. “We received a great turn out at the auction, with standing room only. We received over 100 enquiries prior throughout the campaign. The bidding was highly competitive, with two serious bidders taking each other on towards the end.

“These results highlight the strength of Sydney’s inner-west as an investment opportunity.”

The Burwood property features existing improvements, including 10 basement parking spots. It is now expected to be refurbished and re-leased, according to Mr Moxham.

According to Mr Cheng, “Currently, over 200 units are soon to be developed opposite the property at 27-31 Belmore Street, Burwood. It’s a good area for a business – there is plenty happening in the area.”

The property at 34 Belmore Street, Burwood is located on the southern side of Belmore Street and is favourably positioned close to Burwood Plaza, Burwood Transport Interchange and Burwood Westfield.

John Hill & Co’s Gail Marshall said, “As a major centre, Burwood is expected to strengthen its role in the inner west over the next 25 years. Burwood Council has invested significant funds over the past five years on local improvements, including to the town centre and local parks. It’s a highly desirable area to invest.”