Car spots set to go under the hammer with interest at $2m+
All revved up at 2 Phillip St, Sydney.
The agents are revved up and $2m+ buyers queing up as six prime city car spots are set to go under the hammer.
The parking spaces — with five of them next to each other and the sixth opposite — are on a single title on the ground floor of The Quay, a landmark 29-storey residential building at 2 Phillip St at Circular Quay.
With the area totalling 85sqm, the car space is the equivalent of a large two-bedroom Sydney apartment.
“This is a tightly held and undersupplied asset class in the CBD,” said James Cowan, head of
NSW Investment Services at Colliers.
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Five of the car spots are side by side, with sixth opposite.
They’re located at The Quay residential tower at 2 Phillip St, Circular Quay.
“Reduced on-street parking, coupled with construction, rezoning, and conversions, have all contributed to a critical shortage of car spaces.
“This scarcity is expected to drive strong interest during the auction campaign.”
With street level access, the carpark is securely positioned beneath the building and just moments from Circular Quay’s major transport links, including ferry, rail, and light rail services.
With so many high-end apartment blocks nearby, demand is high from residents wanting a car space — or multiple car spaces.
The location is at the heart of one of Sydney’s most exclusive and high-trafficked areas.
The Quay neighbours the newly developed Quay Quarter and Opera Residences, Bennelong Apartments and Lendlease’s One Circular Quay (which is under construction).
The location is at the heart of one of Sydney’s most exclusive and high-trafficked areas.
“The prestige and amenity of the surrounding precinct enhances the appeal to both investors and owner-occupiers,” added Cameron Colquhoun, Senior Executive at Colliers.
Cowan noted that the asset is difficult to price given its rarity, with unsolicited pre-campaign
interest already exceeding $2 million.
Lot 51, 2 Phillip Street, Sydney is for sale via a public auction on Friday, May 16.
