University of New South Wales proceeds with sale of ECEC service, nets $10M
The University of New South Wales (UNSW) has sold an early childhood education and care (ECEC) service for $10.11 million at auction, more than $3 million above the reserve.
The block, which is over three titles at 52-56 Barker St Kingsford attracted 18 registered bidders for the virtual auction, which was hosted by auctioneer Damien Cooley, news.com.au reported.
Listed with Colliers agents Michael Crombie, Trent Gallagher and Angus Urquhart, the property is located directly opposite the university and is earmarked for residential and could potentially host up to 15 townhouses.
As well as the existing commercial building on the site, which was previously used as an ECEC service, there are two residential duplexes on the property, and seven car spaces at the rear.
“It’s pretty rare to find any substantial land holding in this area so interest was phenomenal,” Mr Crombie said.
Many of the registered buyers, he said, were developers, doctors, and ECEC service operators who hoped to “land bank” the site for the future. 16 of the 18 registered buyers actively participated in the auction, which had a total of 83 bids, 33 of which were between the last two registered buyers, both of whom are property developers, with bids being “neck and neck” until the conclusion.
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