Eastwood showroom auctioned for $19.25m

The Rowe Street property is walking distance to Eastwood station.

A local investor has paid $19.25 million for an Eastwood showroom occupied by the Plumbers Supply Co-Op.

The online auction was the first time in 30 years that 42-50 Rowe Street was offered.

On a 1467 square metre B4 Mixed Use zoned site, the property can accommodate a c16 metre tall building.

With an 895 sqm improvement, it was marketed to owner occupiers and investors, too.

Bidding started at $13m, according to Ray White Commercial’s Jeff Moxham, Samuel Hadgelias, Peter Vines and Victor Sheu.

Fourteen registered suitors made 77 offers, they added (story continues below).

“We had to make a quick pivot after lockdown was called during the campaign, but it paid off to push ahead and utilise the well-crafted online auction technology we had at our disposal,” Mr Hadgelias said.

“These assets are fiercely contested by many local Chinese and Korean owners,” according to Mr Sheu.

“Eastwood is a genuinely unique market as it attracts a range of buyers that have an emotional attachment to the area”.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.