Eastwood showroom auctioned for $19.25m
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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