34-36 Cremorne Street, Cremorne has sold to a local developer and land banker after a 75 strong crowd watched 6 individual bidders fight for the right to call the two adjoining warehouses theirs. The competitive auction mixed with the right groups ultimately resulted in the property selling under the hammer on a short 120-day settlement.
Bidding for the property commenced at $3.8m, and the transparency of the auction process together with the competitive tension drove the price to over $12,175 p/sqm on the land.
The property was sold by Stonebridge agents Julian White, Chao Zhang, Max Warren and Rorey James with conjunctional agents Wilson Commercial’s Adam Guest and Nicole Scrofani.
Despite the uncertainty with the standing tenant and further options, the team were able to highlight aggressive leasing and strata sales and supporting funding advice to provide comfort to buyers and ultimately sell the property on a short 120-settlement.
With 5 bidders clearly targeting the property and over 100 total enquiries over the 5-week campaign, the confidence in land rich city fringe property continues to drive results.