Sydney’s commercial property sales are running hot thanks to the perfect storm of low interest rates, buyers realising value and owners getting strong sale prices for their properties.
TGC, the largest privately-owned commercial real estate agency in the Sydney CBD and the City Fringe, is capitalising on this market demand by launching the Auction Collective - a group of commercial properties to be auctioned on Tuesday 7 December 2021.
Paul Hunter, Director at TGC, said: “With the end of the year fast approaching it has created a lot of urgency with vendors to list their properties for sale and take advantage of current market conditions. And for buyers, whether they are investors or owner-occupiers, now is the strategic time to get into the market.
“Businesses can get value for money, especially if they want to get out of the rental market and purchase their own premises. The pandemic has caused many businesses to re-evaluate their workspace requirements. In many cases, they are downsizing, changing location, upgrading their premises and or looking for better value. As a result, several of our listings have been converted from leasing to sale opportunities.
“To satisfy this demand, we are launching to market The Auction Collective, which has also been a fitting time to celebrate our 30th year in business for TGC. The Collective is a group of properties that includes individual and combined office suites, a commercial building, a retail shop, a service station and a caravan park investment, all of which present an incredible array of opportunities for investors, business owner-occupiers and developers.”
Jesse Davidson, Director and Chief Auctioneer of AuctionWORKS says they had auctioned about 120 commercial properties in September with a record clearance rate of 87.5% - their best month on record since the company’s inception in 1997.
“The auction success this year has been the best I have seen in my career, particularly around quality leased investment stock. The credit that buyers are accessing is cheaper, and yields are skinny, but they are still seeing the value, and the vendors are getting the premium price for their properties, so it’s a win-win.
“During the COVID pandemic, technology has enabled us to run auctions online and via the phone. I have been shocked by how many buyers have chosen to stay online and bid from the comfort of their own homes. But now with restrictions easing our auction room can double in capacity so it will be great to have the energy and buzz back on the auction floor. Sophisticated commercial investors are educated and experienced in-room bidders, so they are ready to get back," Mr Davidson said.
The Auction Collective properties will be auctioned at 2pm Tuesday 7th December 2021, at AuctionWORKS: Mezzanine Level, 50 Margaret Street, Sydney. Buyers can bid in person at the event or via phone and online.