A lock-up garage in highly sought-after beachside suburb has sold for more than $100,000 above its initial asking price.Â
The 15sqm single-space garage at an Ewos Parade apartment complex at Cronulla in Sydney‘s south went under the hammer for a jaw-dropping $165,000 at an auction on Wednesday.
Realtor Jon Brookes from Brookes Partners Real Estate initially listed it at the reserve price of $60,000 – $105,000 less than what it sold for.Â
The sale is believed to be a record for Cronulla and the Sutherland Shire.Â
The garage is separately zoned from the 60-year-old apartment building, which allowed its previous owners to sell it separately.
It had been marketed as a ‘truly unique opportunity to secure the ultimate beachside investment and/or convenience’.
The only similar recent sale in the area was in a modern building and only attracted an offer of about half the amount of this latest sale.Â
Some of the 10 registered bidders lived in the apartment complex.Â
An empty parking garage in Cronulla, Sydney, sold for $165,000 on Wednesday
The 15sqm space had initially been listed at a reserve of $60,000
However, the new owner is not among them, who plans to use the garage for their car in an area notorious for its lack of parking, particularly on weekends.
Mr Brookes said the sale price ‘blew everyone out of the water’.
‘It went for phenomenal money,’ he told NewsWire. Â
He told Domain: ‘It’s very seldom you will get a separately titled garage within a strata plan. Usually they’re attached to other lots.
‘There’s pedestrian access to it from one side and a garage door on the other side.’
The enclosed parking spot is located village shops in a ‘highly sought beachside precinct locale’.Â
‘Only moments to Cronulla’s vibrant mall, eateries, train station, beaches and bays,’ the listing read.Â
‘Highly sought and convenient location – No stairs, ground floor position – Additional rear pedestrian door access – Easy vehicular and/or pedestrian ingress and egress.’
The garage is near Cronulla’s markets and several hundred metres from Blackwoods Beach
The previous owners were able to sell the garage separately from their unit due to the building’s zoning outline
The council rates for the garage are $265 per quarter, while strata fees will set the new owner back just $44 every three months.Â
The previous owners were an elderly couple who decided to sell the space and put the proceeds towards another purpose.Â
Median property prices in Cronulla have soared to $3,375,000 for houses and $1,060,000 for units, according to realestate.com.au.
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Shock as lock-up garage in a popular Sydney suburb sells for an eyewatering $100,000 over the asking price