A mystery bidder from Melbourne has snapped up a prime commercial block at the heart of Castle Hill for $4.125 million.
A huge crowd gathered outside MG’s Hair and Beauty for the auction by First National Commercial Hills Central on Friday morning.
Simon Russo, First National Commercial Hills Central Sales specialist said: “I haven’t seen such demand for a property in a quite some time. We had over 100 inquiries.”
He said there is “massive demand” from retail and commercial buyers for property in the area, particularly in the Castle Hill CBD region.
“The price is more than we expected and I am just as delighted as the sellers.“
There were 23 registered bidders. Bidding started at $2 million and was driven to a record -breaking $4.125 by five serious bidders.
The site at 285, Old Northern Rd has been home to MG’s Hair and Beauty for 11 years. The salon plans to continue it’s lease with the new owner.
The site was sold by Cheung Kwong Enterprise which bought the property from St George Building Scty Ltd for $850,000 in 1998.
The two level building is 208sqm on a 334sqm land size with parking for nine cars.
Mr Russo said it was the first time in 10 years that an opportunity had arisen to purchase commercial property at the heart of Castle Hill. Bidders had flown from overseas, Victoria and Queensland.
“Sometimes the anticipation of something coming, for example, the Castle Hill Rail Link, can create stronger buying activity than the actual delivery itself,” he said.
“Anyone who is considering selling their commercial, retail or a development property, we welcome your call.”