Underutilised Auburn site trades for $13.1m
A Centrelink office on 1870 square metres, walking distance to Auburn station, has traded for $13.06 million, or a 2.69 per cent return.
The B4 Mixed Use zoned site, 5-9 Macquarie Road, can make way for a 10-level structure.
The federal government is on a lease expiring in five years; with options, it can stay until 2032.
CBRE’s Robert Dowdy, who marketed the property with Ben Wicks, said the yield is a benchmark for a $10m-plus west Sydney asset.
“Buyers were out in force,” he said of the auction.
There were 25 registered suitors and 109 bids.
Developed in the 1980s, the double fronted property contains 1104 sqm of refurbished area (story continues below).
There is also a 40-bay basement car park.
Auburn is 19 kilometres west of Sydney.
Five-9 Macquarie Rd is close to a Bunnings, Fantastic Furniture and Harvey Norman.
Four months ago, Aldi sold its redundant supermarket in the suburb, banking $21.1m.
In nearby Lidcombe, Costco reportedly paid $30.5m for a showroom next to its existing premises, for an extension.
