Sydney parking space smashes sales record as bidders go crazy for prime location
The spaces were sold as a single lot underneath the 29-storey building known as The Quay on 2 Phillip Street, in Sydney 's CBD, last week.
Each parking space was valued at around $608,000 with five bidders ultimately vying for the 85sq metre block.
The most expensive single car space in the Harbour City had previously been set on Notts Avenue, in Bondi, when it sold for $304,7000 in January 2024.
The car park fronts onto Circular Quay ferry terminals and the thoroughfare toward the Opera House.
A budget of about $600,000 would purchase two-bedroom apartments in some of Australia's other capital cities, including Adelaide or Perth.
Colliers advertised the 'premium car spaces' as an 'irreplaceable opportunity'.
'Ideal for nearby office and residential owners, corporate institutions, or savvy investors, this offering presents a rare chance to acquire valuable parking in the tightly held Sydney CBD market,' the listing read.
Ninety-two prospective buyers inquired about the property, and 16 inspected the lot.
It is understood most interested parties were affluent locals to the nearby Bennelong, Opera Quays and One Circular Quay apartments.
Selling agent James Cowan said the bidding war surpassed his expectations.
'Being one of the most undersupplied and tightly held asset classes in the Sydney CBD, we knew competition was going to very high,' he told realcommercial.com.au.
The spaces were offered with vacant possession and were dubbed the 'holy grail' of city parking by an industry insider.
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