A new car park facility in Mascot, right beside Sydney Airport, has attracted investor interest with over 300 car spaces being snapped up over the weekend.
All of the single freehold strata title car spaces were sold (154) and 147 of the 450 double spaces were secured, which represented a stage one sell-out. The single spaces were priced at $57,500 and double spaces sold for $104,500.
According to Erle Cramer, managing director of Cramer Property, a diverse range of investors showed interest in the opportunity.
“Over half of the sales went to people seeking to further diversify the asset base in their self-managed super funds (SMSFs),” he said. “Purchasers came from as far afield as Hong Kong and London. In many cases, investors bought multiple car parks.”
Mr Cramer said, each week the car park facility in Mascot turns over 2,000 vehicles and services more than 4,000 customers.
Demand for the investment was largely driven by the increasing need for parking near Sydney Airport, according to Mr Cramer. The airport currently services over 37 million passengers each year – a figure which is expected to double by 2020.