According to the Australian Financial Review, Burwood Council in Sydney’s inner west has sold a public car park to an Asian property developer for $22.5 million.
The public car park, on the corner of Belmore Street and Wynne Avenue in Burwood, covers an area of 5,469m² ($4,114/m²) and has a 60m height limit. The property sold without a development application.
If PCI’s research is correct (based on figures published in 2005 by the Council), the Burwood Council car park has 198 spaces. This means that the purchaser paid around $113,636 per space – an enormous amount in the Sydney car park property market.