Huge sale in Kingsgrove
If you have ever been stuck in traffic on the M5 heading into the city, then you would have stopped and stared (while swearing under your breath at the car park you’re sitting in) at the commercial buildings in the Kingsgrove area.
Last month, one such building in this area sold for an astonishing $8.2 million. The agent responsible for selling the property noted that this significant price was gained due to the building’s proximity to the train station, M5 off ramp and general closeness to the city. It also helped that one of the local shopping centres has been earmarked for redevelopment which would bring more commercial tenants to the area.
This sale is yet another sign of the strength of the commercial market in and around Sydney, and continues the trend of properties being more valuable if they are around transport centres and major shopping centres.