A Western Sydney church has been snapped up at auction for $3,750,000, as the demand for religious properties across the city continues to grow.
The CBRE sales team worked miracles to secure a final sale price well above the reserve, leaving the vendors over the moon with the end result.
CBRE’s Robert Dowdy said that Sydney churches are in high demand due to the unique nature of the properties as religious groups compete with developers and investors from other sectors for prime city assets.
Potential church sites are hot property, given the limited availability of land approved for religious purposes and the process required to achieve rezonings.CBRE Manager of Metropolitan Investments – Robert Dowdy
A Sydney temple group, Shaolin Kungfu Meditation of Australia, purchased the property that is located at 14 Clapham Road in Regents Park.
The vendors, the Indonesian Christ Family Church, decided to sell the property that they have owned for 22 years as they look for a larger premises to now call home.
Mr Dowdy went on to say that the church drew significant interest throughout the sales campaign, with 20 registered bidders ranging from religious groups to industrial occupiers battling it out at a fiercely contested auction which saw 108 bids placed.
CBRE Manager of Metropolitan Investments – Robert Dowdy
The large crowd on auction day highlights that buyers are still ready and willing to buy good opportunities under auction conditions despite the COVID-19 pandemic.
The 1,416 sqm site includes a freestanding building of 844 sqm and the sale has set a new record rate of $2,648 per sqm for industrial land in Sydney’s west.