Private commercial property investors are re-entering the market with a bang.
Data from Colliers International found that private investors in NSW bought at least $60 million of commercial property this week before auction.
CB Richard Ellis also held an auction yesterday where $14 million of property sold under the hammer prior to auction.
There was strong competition from nine bidders for the former Cook’s River Motorboat club on Holbeach Ave, Tempe, which sold to a private investor for $1.08 million – $230,000 over the reserve.
Colliers director investment sales Matthew Meynell said properties appealing to smaller investors were selling really well, including tenanted properties or those in prime city or city fringe locations.