Bing Lee shop sells for millions

They liked Bing Lee — A lot. In Chinatown a shopfront that currently houses a Bing Lee store has fetched a huge price at auction.

A retail building in Chinatown that last exchanged in 1985 for $870,500 has sold for a whopping $11.5 million.

The prime position shopfront at 746-748 George St, Sydney was sold under the hammer through Cooley Auctions to a Hong Kong investor.

The 300sq m retail spot is currently leased to appliance giant Bing Lee until 2017 with an estimated rent of more than $500,000 year.

Sitting within metres of Central Station, the hot property has a 12m frontage, and almost 100sq m of total floor space over four levels including a basement with rear lane access according to selling agent Raymond Hung of Ray White City South.