A prominent corner site in the Campbelltown CBD sold for $3.1m (plus GST) only seven days after hitting the market, underscoring the demand for well-positioned freehold assets.
The 1100sqm site – on the corner of Queen and King streets - had been in the same hands for more than 30 years with national tyre retailer Beaurepaires as tenant for much of that time.
The purchaser is another tyre fitter and retailer who will occupy the site.
The purchaser offered a premium offer – reflecting a square metre rate of $7,750/sqm on the building and $2,818/sqm on the land – beating off strong interest from a local medical specialist who recognised the potential to renovate the site for a practice.
LJ Hooker Commercial Macarthur’s Darren Zammit and Cooper Meehan managed the sale.
Mr Zammit said sentiment in the Southwest Sydney market had moderated in line with broader economic conditions. However, freehold assets were still attracting interest, said Mr Zammit.
“Freehold sites have been very tightly held in Campbelltown’s CBD,” said Mr Zammit. “This property, on a high traffic corner, had been held by the same owner for three decades.
“Sites that hold potential upside in CBD areas still attract a lot of interest and the eventual buyer wanted to jump on the opportunity immediately.”
Mr Meehan said the price paid was in the order of 10% above market rates paid in the South West corridor over 2024.
“Higher interest rates have had a bearing on the market but there’s still strong demand from owner-occupants to secure their workplaces,” said Mr Meehan.
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