MORE than 50 inquiries were received and 20 contracts were issued before a prominent piece of Bathurst commercial real estate was sold, according to the agency responsible.
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Commercial real estate agency Burgess Rawson says 122 George Street, at the intersection with Piper Street, has sold under the hammer for $2.37 million.
Burgess Rawson sales executive Sam Horwitz said the site recently underwent significant upgrades ahead of the nationwide retailer Burson Auto Parts moving in and signing a new lease with options to 2027.
Mr Horwitz, who did not name the buyer or seller of the property, said the Bathurst site proved to be one of the most popular properties up for sale at the agency’s recent flagship portfolio auction.
He said the freehold investment was the subject of a bidding war between four parties.
“The demand for strong brand tenants in regional locations is evident – we received over 50 inquiries throughout the campaign, and some 20 contracts issued, which is a very strong conversation rate,” he said.
“The follow-up from some of these buyers after the sale wanting similar investments is testament to this demand.
“The recent refurbishments were also a big drawcard for investors because no additional work needs to be done."
He said the property has a net income of $134,000 per annum plus GST.