North Parramatta: childcare centre sells in five minutes for $3.99 million
FIVE minutes was all it took for a buyer to spend $3.99 million on an investment commercial property.
FIVE minutes was all it took for a private investor to snap up a North Parramatta childcare centre for $3.99 million.
The auction drew in five buyers throwing in bids from around the room, which was packed with about 200 people coming for the 30 commercial properties on offer.
Almost 100 interested buyers enquired about 31-33 Iron St and 27 requested a contract during the campaign.
Selling agent Kieran Bourke of Burgess Rawson, who sold the property with Darren Beehag, said the buyers were looking for a “long-term, passive investment”.
“The business generally runs at maximum occupancy; our buyers buy for set-and-forget (investments),” Mr Bourke said, adding that North Parramatta is a sought-after commercial location.
“(Childcare centres) sell well with long leases in place.
“It’s one of the highest sectors of the investment market, and buyers are very active within this sector, they fight hard at auction.”
Another local childcare centre 14-16 Albert Rd, Auburn, run by the same operator, is still on the market after being passed in at $4.9 million.
Originally published as North Parramatta: childcare centre sells in five minutes for $3.99 million