Competitive on-site auction campaign drives premium result as bidders battle for Barrack Street opportunity.
A tightly held Sydney CBD freehold at 5–7 Barrack Street has sold for $19,000,001 following a highly competitive on-site public auction campaign, marking one of the most significant results for an asset of its kind in the current market, with the sale managed by Colliers’ James Cowan and Jack McGregor on behalf of Combined Services RSL sub-Branch.
Located just 150 metres from Wynyard Station and within walking distance of Barangaroo and Martin Place, the property benefits from strong pedestrian traffic, connectivity and proximity to major infrastructure upgrades, while also sitting adjacent to Merivale’s proposed 16,300 square metre hospitality and mixed-use precinct.
The campaign generated strong momentum from launch, recording more than 100 enquiries within the first two weeks and attracting a broad mix of investors, owner-occupiers, developers and high net worth private buyers from across the country.
Four qualified bidders attended the auction, with two parties competing aggressively in $500,000 increments as momentum quickly built under the hammer, ultimately resulting in a sale price of $19,000,001.
Bidding in person was Justin Hemmes, with the purchase an acquisition aligning closely with Merivale’s expanding footprint in the precinct and its broader vision for a city-shaping entertainment and hospitality hub within the surrounding block.
James Cowan, Colliers Head of New South Wales | Investment Services, said, “An auction process was considered to be a high risk, potential high reward strategy that delivered upmost transparency in a complex market landscape. We couldn’t be happier with the result for all involved.
“We’re experiencing headwinds and buyer resistance in every sales campaign, though have observed strong outcomes where there is a clear strategy, a structured process, and the right agency team in place. ”
Jack McGregor, Colliers Executive | Investment Services, added, “We saw exceptional interest from a broad range of buyers from the outset, which speaks to the quality of the opportunity and its location within a tightly held and rapidly evolving precinct.
“With major infrastructure investment, increasing pedestrian connectivity and significant neighbouring developments, the asset is extremely well positioned for activation and long-term growth. It will form an important part of what is becoming one of the most exciting entertainment and hospitality precincts in Sydney.”
These proceeds will go towards funding advocacy and compensation assistance, mental health and wellbeing support, employment, sport and recreation, and the connection and camaraderie that veterans say matters most after leaving service.
Sub-Branch president Bill Forsbey said the decision was clear.
“We are a charity for veterans. That means our money goes to veterans, not into a rundown building. This sale puts $19 million to work for them.”
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