If you’re one of the thousands of Sydneysiders that feel the property market is out of reach, this story from Australian Business Traveller will either depress or delight you! Here’s your chance to own a plot of prime Sydney real estate for only $57,500. Not that long ago (OK, maybe 25 years), that sum might have afforded you a decent flat within cooee of the CBD, but times have changed – that’s the current price on offer for a freehold parking space at the Park & Fly car park near the Sydney Airport.
As reported in BRW, Cramer Property (representing three vendors) is managing the sale of 602 individual spaces in a strata-type arrangement, attracting interest from local, US and Asian investors. Single, double and triple spots are available, and more than 2000 registrations of interest have reportedly already been received. Each spot has a separate commercial lease with long-term tenant, Park & Fly, underpinning the suggested investment yields of 6.5% annually.
The sales of car park assets in Sydney and Melbourne have been the subject of our previous posts, attracting a lot of attention for their hefty price tags and attractive yields. With these assets changing hands infrequently, the selling (and renting) of individual spaces seems to be gaining in popularity, as evidenced by this Victorian-based company, Find-A-Car-Park.
The current sale is being marketed as a “never before and likely never again investment opportunity” – watch this space!