Huge name ‘behind record-breaking $30m Sydney property deal’

One of Australia’s most respected billionaires is rumoured to be behind a massive property deal that is set to reshape a major city.

Billionaire Frank Lowy is rumoured to have been part of a local consortium that bought an Eastwood commercial site for $29.8m at auction. Picture: Avishag Shaar-Yashuv for The Australian

Westfield co-founder Sir Frank Lowy is rumoured to have been part of a local consortium that bought an Eastwood commercial site for $29.8m at auction on Wednesday.

At one point, the agent believed to be acting for “Team Lowy” tried a knockout $1m bid, but it didn’t work.

The price, achieved via CBRE Western Sydney agents Lord Darkoh and Ray Ahsan, is understood to be one of the biggest prices ever for a commercial property on a per square metre basis.

It was also the biggest commercial auction sale of the year so far.

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The result for the 962sqm site equates to $31,000 per sq m.

It’s very well located.

Jesse Davidson of AuctionWorks had six registered parties for the Chinese supermarket, restaurant, optometrist, solicitor and beauty clinic at 167, 169-171 and 173 Rowe St Eastwood.

The result for the 962sqm site equates to $31,000 per sq m, but was highly sought after being right opposite Eastwood Shopping Centre and close by the train station.

Frank Lowy, 94, co-founded the retail giant with fellow European immigrant John Saunders in 1954 and sold to French company Unibail-Rodamco in 2018.

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Frank Lowy and Steven Lowy in Sydney on September 26, 2024 . Picture: Nikki Short

Now based in Tel Aviv, sources suggest Lowy was keen on the Eastwood site as a land-banking investment, recognising its future potential, possibly a high-rise apartment tower with retail below.

The CBRE agents said they had no knowledge of Lowy being even interested in the property.

The auctioneer, Jesse Davidson, also said he had “no idea” who the buyer was.

The winning bidder was agent Tim Noonan, of Noonan Property, who, when contacted, said he couldn’t comment on who he was acting for.

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The supermarket last traded for $565,000 in 1987.

An optometrist is also one of the tenants.

It’s understood most of the other parties were local Chinese businessmen, though the underbidder was also based overseas.

Bidding had started at $21m and risen in half-million-dollar increments to $24m, A range of $50k, $100k and $300k increments followed.

At $27m, Noonan tried a knockout $1m bid, taking it to $28m. But it didn’t work.

The property offers just a 2 per cent yield and there’s currently a 15.5m height limit, but this purchase was all about perceived future potential.

Despite breaking records, the sale price achieved didn’t quite meet the $30m reserve.

The supermarket last traded for $565,000 in 1987.

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Originally published as Huge name ‘behind record-breaking $30m Sydney property deal’