Norwest Commercial & Coutts achieve bumper results at summer auction

Records tumbled at the Norwest and Coutts Summer Auction on 15 November. Ten properties were offered for sale, of which one was sold prior. Eight of the nine properties sold under the hammer with the final property under negotiation.

With a packed room, the auction started with a frenzy as five parties fought for the keys to 16/5-7 Anella Ave, Castle Hill, a 254sqm leased investment, marketed by Brett Beazley and Erin Tuynman of Norwest Commercial. With a final price of $1,050,000, at a yield of 4.8% and $4,133 psm, it achieved a record price for the Castle Hill trading zone.

Other highlights included two long term investments in Glendenning, each selling for $2.3m; the first leased to Anytime Fitness sold on a 4.7% yield and $2,937psm, Glendenning records. The two industrial properties were marketed by Gino Cavallaro of Coutts Westside.

Wayne Mangion, of Coutts CastleCorp, marketed 1.10/10 Century Circuit, Baulkham Hills and achieved a record price for Norwest office space (medical centre) of $10,389psm. The exciting morning of auctions concluded with a hard fought tussle for 39 Hallstrom Place, Wetherill Park. Marketed by Garry Norman of Coutts Wetherill Park, the hammer finally fell at $1.79m.

The sale of a development site at Vineyard, with outstanding exposure to Windsor Road, marketed by Mark Perminov of Coutts Hills sold prior to the auction for $3.5m and set a suburb record of $955psm.

Director, Grant Beaumont, said:

“This was our last auction day for the year and our biggest yet. We couldn’t be more pleased with a clearance rate of 90% (and a 93% clearance rate for the year). The agents did a superb job marketing the properties. The demand was high, and buyers came ready to bid. It was a very exciting morning and our vendors and purchasers left happy. The strength of demand, especially in the owner-occupier market, was very apparent.

2018 has been an exciting year for us as we rolled out our auction event program. We believe we have shown that the concept really works. There is a whole lot more involved than just turning up on the day and the agents at Norwest Commercial and Coutts now have the experience and training to achieve results that are not always there in the private treaty market.

We are already in planning for our 2018 auction events and look forward to helping more vendors and purchasers.”