A remarkable sale has just occurred in Sydney’s Central Business District, where a fortunate buyer paid an astonishing $3.6 million for a cluster of six car spaces. This notable transaction underscores the high demand for parking in the heart of the city.
The total area of the car spaces amounts to 85 square metres, equating to approximately $600,000 for each parking space or a staggering $42,857 per square metre. Positioned merely 150 metres from the Circular Quay Ferry Terminal, these spaces are located beneath The Quay residential tower on Phillip Street.
This prime real estate was described as “ideal for nearby office and residential owners, corporate institutions, or savvy investors” in a listing from Colliers Real Estate Agents. The sale price exceeded agent expectations, reportedly doubling the previous record for a car space sale, which was set at Notts Avenue in Bondi.
The sale was managed by agents James Cowan and Cameron Colquhoun, highlighting the lucrative opportunities available in Sydney’s competitive property market.